We have pointed out that trading in the box here is most likley a vain enterprise. It will be even vainer if price breaks this lower line convincingly.
We started to add shorts, but then looked at the situation and bought instead, expecting a reaction to the 5-days down pattern. So it’s fifty-fifty now– whether we will see a rally here or a test of the low. We still expext more downside and are looking for a place to get short.
We repeat our pevious oracular warnings: Trade in here at your own risk — which will likely be large.
There might be a long scalp here for the adroit trader on the 5 days down. We didn’t tell you about it. If anybody asks it was Stephen Cohen. Illustrated beow.
We think the market picture takes on a darker cast. Not as good as the cast of Seeney Todd but worth a shiver.