As pointed out in the linked update from the 1st of September, the 1900 and magenta (2) level was to be an important inflection point for a potential alternate bull
count and up to this point it hasn't disappointed bouncing almost 60pts from there in less than two days. Going forward we are being mindful of the upper magenta channel rail and the fib symmetry level in the mid 60's. These will be important going forward and will serve as an early warning as to what may lie ahead depending on what kind of a reaction takes place there. Since it is impossible to trade from the left side of the chart one is only left with probabilities on what the future may hold and managing risk accordingly based off those probabilities. We hope you all have a profitable trading day. Trade safe.