Below 24k gives the lower low, but triangle and pivots drawing price to 23150 by year end. This will also retest the lows from the beginning of the year. New year brings new pivots, however for the time being we are in full timeframe continuity to the downside. That's yearly, quarterly, monthly, weekly, daily and hourly all down. Don't try to catch the knife until we have a strong reversal pattern and rip back into the range.
Until we break 24086 we are still in an inside month and chop will destroy you.
Thanks for timely post- was just practicing my knife-catching skill- didn't get cut yet, lol. IMO just stay out of this until the blood is let. Market will kill both longs and shorts. GL!
chrisatom
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@DaddySawbucks, exactly, even good entries and stops will get taken out. Entry into the downtrend was this morning at the monthly pivot but you've got to be nimble and have a good appetite for risk.
DaddySawbucks
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@chrisatom, Yeah I kinda lost my appetite after three bears.