The questions to ask, for the bulls and bears, is whether today's drop is a one day deal, or first day of a several day's deal, or retrospectively, the start of the ending of the bull market. My hunch, the first two scenario is more likely, so many people erred so many times past few years assuming point three. So, if this is a one day deal, tomorrow will see at least a pull back to all indices Chen's zone, 68-76% of the drop. Even through that range. If that range is not reached and bounced down again, the market will stay weak and volatile for some time to come, sometime means a few weeks even a couple of months.
I just realized that some of the trades is displaying in one of my workstation, but not on the other, even at the same time of the day. Today, I had a trade of YM long 26548, exit at 26666. Still think the RTY is too depressed, looking for some rebound soon. Happy trading friends. For those who lost money today, if it is any consolation, I lost a lot too. But so far all are paper loss, until I surrender. I am closing the CL short position in the second account, as you can see. That would be a few thousands dollars of realized loss. This is trading, you win some, you lose some, but by the end of the month, you better make it all back. It is the final balance that matters. If you overall balance is shrinking, you are doing something wrong. Seek instructions and learn.
What is the answer to your question? Today market was very weak, but both ES and RTY recovered more than half of the distance between the open and low point.
"f that range is not reached and bounced down again, the market will stay weak and volatile for some time to come, sometime means a few weeks even a couple of months."
my thoughts exactly especially that there are no newbies to benefit from those posts ) but perhaps it's YC that benefits the most?? who knows..