you guys have convinced me. i cleared out for a small loss and took it long for more profits. but i still like shorts here... but i'm holding my long position for now.
So how high could we go on a short covering spike? I think a spike to 775 is not unreasonable in the short term. But looking out a week from here I think we'll be lower. If anything the higher we spike the lower we'll correct. Humble chart attached.
alright..that didn't work!!! but still looking for a short around 763.00 and 763.6 (R2)if this doesn't work i'm done for the day
ER2 looks strong relative to other indices -it's still holding above yesterday low. In the event that other indices stabilize and recover then i think ER2 is going to rocket higher. If the top is in place then I need to see a close below the 753-755 area. Only then would I feel confident enough to begin scaling into shorts.