We tested the bounce back resistance now twice. They say for the bull to howl again, we need to retest the lows once more before we bounce higher with power, and retest the third time that resistance level
and break above. However, of we sink back down to retest the low, and break down, well I don't need to tell you what that means, and OIL
below 40 would prompt that BTW
. And the bull's eye is of course 2PM sept 17th, the FOMC announcement of the rate hike or not, which the entire world and half of the universe is waiting for, AND THE MARKET'S REACTION. I think the key will be do we retest lower to the thin red line or the previous low. IMO
if we retest to the thin line, and bounce, I will believe in that bounce. If we go to the previous lows, not so sure, but think we simply DO NOT BOUNCE, and that level becomes resistance.