Ambiguous

Ambiguous, that's the short term word right now. You must check out Trade Guild's post tonight as the analysis is exhaustive and I lay out a few scenarios. The 3C reading tomorrow will ultimately be the most 
useful, especially if the timeframes align. Right now we have a little upside left in the gap, we also have a chance for lateral ranges inside the gap for a few days, but I feel there could be one last false move as that is what we always see to fuel the next reversal. That move could come in the form of an intraday penetration above the top of the gap or even a close there which would kill all the short term shorts, and suck in longs that would be killed on the reversal down and they'd add the fuel to the fire.


Breadth today deteriorated badly. You can see all of that at Trade guild tonight.


I'm adding more shorts to the list so if you have some room left, just hold off until I release them which will be at the confirmed reversal. There were a lot of bad signals today, but the bullflag on the 60 min chart is the most bothersome to me, not that they don't fail, especially in this market condition.


This is the single greatest argument this week I can make for good risk management, it allows you the peace of mind when you have short term ambiguity but a solid long term outlook.


My gut says this bounce was good on the price side, but too short on the time scale. Perhaps a trading range? The analysis I see almost suggests that just because of the ambiguity.


As I ended the post with the single greatest signal will come from 3C and the moment we get a strong reversal signal (you'll have time to act), I'll have the shorts with the stops for you, right now I can't give stops until I see where they reverse and you need to have stops to figure out your risk management.


Check out the Trade Guild post, I've unleashed bunch of new indicators there and try to really pay attention to the price volume chart as that is one of the best, new indicators that Wall Street has a hard time manipulating.


Stay tuned tomorrow. We'll be out of the fog soon enough.