Fast and brutal reversals (on little volume or participation) are expected during meaningful drops to the downside – get used to it – it’ll only get worse on the way down. Before you guys all reach for the eject button let’s look at some target ranges for the current bust higher:
Boy, whoever hit that one is a lousy shot – especially with such a small caliber. My trusted CZ P01 (9mm) clears the center at 50 feet – amazing semi-auto. Any rats resident in L.A. up for a shooting match? 😉
We painted another clean motive to the downside and are right now halting after at a 38.3% fib retracement. Could go higher tomorrow – I like the 1060 cluster but we may just close that gap and push into 1067. However, if we push above 1081.58 then the wave count changes considerably. Thus this is the level where I would recommend to start scaling getting hedged a little on your long term positions.
That’s pretty much it for now – there’s more but I wanted to get this posted during the session.