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It is very hard to read the market now.
But the gap down to 2563 means something, at least to me. It makes me feel interesting about this market.
The break down 2563 then bounce back to 2566+ is bullish to me. Yes, we need 2530 as my bearish target, however, this gap down action is very strange. It has same market action on 8/25-9/8. That means IF the market repeats itself, we will see some sizable rally ahead. That means 2600 is piece of cake for MM to take it.
If that happens, that’s a lot of short covering to fuel the rally.
OK, before I am getting excited about this, let’s see how the market action tomorrow. IF we continue going down, then forget it -I am totally wrong. Otherwise, shorts should be careful. |
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