today's consolidation took a bit more to the downside than I originally expected. For the market to recover the upside momentum to hit the 68% retracement of the big drop, probably one day tomorrow is not enough. Who knows, tomorrow we might also retest the low and break through it. It is option expiration day. Happy trading all.
Wouldn't chart periods containing '4's be better when you are looking to get short the market, as a downward spiraling market is basically 'death' for the typical investor?
got back long and holding when seeing a hammer being formed on the daily candle chart. Calling today's low a mid term bottom. First long target, the CHEN's zone between 2770-2790. Possibly being challenged tomorrow or b4 end of the week.
It is some significant pull back, and need to control the risk forward. It is a trader's market, just I do not have the luxury to sit down much lately during the market hours. Any overnight holding long or short can give big surprises for sure.