Shark pattern in effect here w/ a failed breakout at the 1.13. Perfect retrace so far to .886 which coincides w channel support. Looks to be bouncing and short TF RSI seems to confirm the bounce. If it doesn't go lower here, we're looking at a .5 retrace of the drop to about 279.35.
I think it's a DCB and we finally break the channel later this week, but staying nimble here until the 21DEMA gets broken is wise.
I think it's a DCB and we finally break the channel later this week, but staying nimble here until the 21DEMA gets broken is wise.
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Perfect fib levels on this shark so far...
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Retrace well under way... Looking for a reversal in the 50-61.8% area for a confirmation of a 5-0 pattern that heads back down to the 275 range. Until that lower TL breaks you have to assume that it can still bounce back up to retest the high...
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Unloaded all long scalps. Didn't quite make it up there. Most likely we'll get some kind of gap up tomm into the zone and we sell off again.
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LOL spoke too soon... the MMs got their 50% retracement in the final minute. 280 is the number to watch. If it can't break above it tomorrow we're goin' down... and prolly goin' 'down hard.
