I am looking for a rise up in into the 8740 area which is last weeks Value area low. It also corresponds to a lows to lows extension fib setup. I like when these levels correlate so well. I will look to sell this level expecting new lows at 8620. I will short until shorts break no sense in trying to pick a bottom.
If we break above 8760 the market will likely bounce back and forth between the weeks and lows for a while and build value down here before a very large move up to the upside to 8967 area. Once we reach 8967 I will be looking to short for a huge move right back down to the 8500 area. Check out the market profile for the bigger picture on this setup. Basically lots of value overhead with the monthly in that area. I will likely make a better post about this idea once the shorts actually break and the larger setup starts to playout. For now short until it fails.
Market Profile: http://gyazo.com/c36101773b379536d66329121acf149d
If shorts break we will likely chop around before heading up to 8967 are near the lower edge of the grey box.