Quote from Pekelo:
Here is again the 2 charts comparison between the 5 minutes and the daily frame. The similarities are erie, the last 20 days we basicly copied the price action on March 10th. I put the 2 charts next to each other, so it is easier to see:
After almost reaching the upper BB the market sells off (8-9 candles) and doublebottoms. From the 2nd bottom on the daily it took only 1 giant candle, 4 on the 5 mins. Then it pulls back to the SMA 9, from where it promptly bounces. A little doji signals the higher high. We fall back again, this time overshoting the SMA 9 on both charts, and from that low we arrive at our current high, reaching the upper BB and finishing it with a doji (today).
From here the 5 mins chart sold off for the next 6-7 candles and later NEW LOWS came.... We shall see...