Small balance break led to a larger balance break which created a waterfall liquidation move to the next major support. A stretched downside market found responsive buyers on first test and started to form a new balance. Need to watch how that small balance gets resolved. We may see a short covering rally back to broken support now resistance. However, make no mistake. The broken above balance is quite bearish. It is a warning sign to the bulls. Bulls will be attempting to regain the control. One need to be careful and not to short from aggressive location. The rallies in the bear markets are usually wild. Trapped shorts are the best buyers.
Review the updated chart with outlined balances and levels. See for yourself if it makes sense. The market has good memory and those levels have higher odds to play.
Good luck. Stay nimble.
9/24/2019
Review the updated chart with outlined balances and levels. See for yourself if it makes sense. The market has good memory and those levels have higher odds to play.
Good luck. Stay nimble.
9/24/2019
