Playing out nicely so far, needs to follow through with the reversal at around this level. B wave rallies are viscous in nature but as long as it holds below 25800 the path should still head lower to retest last weeks lows, and ideally break through to test the yearly pivots and the lower trend line of the broadening formation with a C wave down.
I'm trackin' you Chris, if futures hold red in Am, I be buyin puts:
chrisatom
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It has more space above if needed whilst still maintaining the ABC pattern- I.e a move to the 61.8 retracement and monthly pivot, but I’m preferring down for retest sooner rather than later based on how far the rally came so quickly.
DaddySawbucks
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@chrisatom, Indeed, I expected .62 up around 26k+, but it came early so maybe stunted. I'm fairly confident this is a B wave rally as there is no impulsive pattern, just a surge and choppy swings.
DaddySawbucks
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@chrisatom, Hm in restrospectometer it got near .60 on Weds before close; .618 = 25882 it was at 25820 and again today beat on 25800 for two hours from noon - 2 pm and rejected so I reckon that was it.