I am describing a worst case scenario here folks. Bears will out with new energy and exuberance with this new shiny shorts showing measly gains. There will be calls for negative number of SPX. Weak hands would have sold by now. News would be full of how the stimulus is not going to pass. Overnight, after touching the bottom of this channel, when the hour is the darkest, market will start shooting up.
Or... we could turn back now or after setting a new lower low. I think fibs 0.886 and 1.0 are good targets for bounce. Between 377 and 375.
@poister198, Bud, I am just a poor boy trying to make a living. My shorts and longs are a drop in the water. Most of the time, I am trying to stay afloat and not get gobbled up by the sharks. Ride the wave brother!
BTW, it is playing out as expected. I think we see one more down day tomorrow and we start the ride up either by mid-day on Friday or Monday. I be switching to the long side as soon as I get the signal.