Was not feeling all that great yesterday. Feeling a little better after a good sleep, but still a little groggy. Every once in a while I still get a friendly reminder that the mercury that's still in my body needs to be removed c a r e f u l l y. Slow and steady, like so many things in life, wins the race.
I slept in this morning, and it was great to see the S&P made a gorgeous impulsive decline. This could quickly develop into the real deal. The way I see it, staying under 1249.98 keeps the structure very bearish.
This morning's low of 1233.14 should be breached also if this move is the real deal. Failure to do so would be the first indication that this morning was an over-reaction.
It remains to be seen whether there is a 3-leg move from the October 4th lows or if yesterday was the final high. Pattern tells all. A few more days ought to clear things up.
Otherwise, I'm taking it easy today.
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