on todays charts...its extremely high odds we test the lows in the next hour, and there is a Ewave setup for another huge bounce off that, it would be the last though. ..i'd put the odds only about 25% of it though, for many reasons -
1. Its friday afternoon, who is going to step up in a buying frenzy with such a news driven environment? oh, yeah, your right...the 'people' who have on every panic...yeah, but I generally not on fridays or mondays , tend to be Tue-Thur.
2. hourly are rolling over
3. Gap magnets below on Q's and DIA.
Far MORE likely, and has me very twitchy, is the area of 1250-1260....I will most likely step asside all short positions I happen to be holding IF we get down there....I want to see what occurs.....will post at the time if so....but of course, still looking for what I outlined for a while ie.1220, maybe alot lower.
Edit:** I make a point of not saying 'how to trade such things', I'm too busy trying to focus on my own stuff and don't want to be distracted trying to kee this updated, however, just something I'll pass along about situations like this today -
If I am holding shorts (I am infact), then I will not cover unless I see 5 waves off the low on a 5min chart, and the retrace of that 5waves can hold Fib 0.618 retrace, and in addition, can clear the 5min 60EMA, cross the 20EMA back ABOVE the 60EMA and hold it on retrace AND the 5min MACD goes above zero.....without those conditions, nearly every 'rally' attempt fails in my experience...just an FYI....that's a 'soft stop' based on indicators, I also have a 'hard stop' based on where I entered etc...its always higher than the soft stop. ...this message will self destruct later.