Keep in mind these are subwaves of subwaves and we are really looking at the very early stages of a higher degree wave 3 (to the 6k-12k wave 1). Currently on 4of3 of 1of3 if you can follow that :p.
GL trading and I hope you were actively playing likely bounces just in case something like this arouse.
Hope this count holds up and we start flying upwards. A very real possibility of remaining range bound but this pump was just so impressive it just might make the bulls believe again.
orange wave 1of3 completed at 9900, wave 2 dropped to 8750 and we are now either starting up wave 3of3 OR on the B of wave 2 which would go to about 9400ish (now 9200) and then fall again to 8750ish with a wick down to as low as 8500ish. Today's drop to 8750 was to the 78.6% retracement (fairly common for wave 2) so going slightly below that is not too out of the ordinary.
Everyone is calling for 7K or sub 6K so I expect market makers to do what they did when everyone was calling an inverted H&S break ... the opposite.
This is a time of uncertainty so having stops at about 8400 or so is prudent. You can even have stops at 8730 but then u really risk getting wicked out on wave C of 2 if that scenario comes into play.