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Good afternoon, traders.
As noted in yesterday’s post, I went in today with a negative bias. When we had that great intraday reversal last Wednesday, I was prepared for a nice, big rally to work off some of the oversold conditions we accumulated in the drop since the FOMC. I was even willing to accept a major low being put into place.
But, as we’ve rallied, my enthusiasm waned and I’ve been more open to further downside. That left me open to the “bear flags” scenario (here). From that post yesterday, it’s only gotten worse (better if you’re a bear). What started as two harmless bear flags has cascaded into some very hostile price action where it’s now “bear flags all the way down”:
So that’s ugly (beautiful if bear).
So what from here?
Ok, we’ll see what she does! I hope everyone has a fine evening.