Until demand exceeds supply, and rallies are likely to be 'short covering'. A capitulation move to 21.69 wave 3 target would be a great spot to get long.
Market topped at 161.8 extension, broke through monthly channel, and is poised to close below the 20 month EMA. This all suggests that structure support and 38.2 fib support reside around 1580. I anticipate that's where we are headed over the next months. If this support fails to hold, symmetry support is at 1226, well above March 09 lows
