Sorry for the lack of postings. Work and kids' sports are keeping me very booked (my son just made the freshman BB team, yeah!). But here is a quick update.
Prices tried to rally yesterday, but the market was unable to get a full test of the 34 SMA. As a result, the market gapped down below a key area (previous breakout pivot high) this morning and kept on going. The market has yet to have a finished impulsive wave, so either this isn't done yet or we're in the finishing touches of a corrective wave (wave 4).
I'm looking to cover my short positions on any of the following events:
- a test of the 34 SMA, then I'll get out on the next test of the previous low pivot
- significance divergence showing up on the hourly chart
- hitting my 1150 target
Go Bears!
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