To remind you of the Chinese curse: may you live in interesting times. Interesting enough for you? A day after the biggest day in history with trillions of value being casually erased by unfeeling robots. Robots? Yes sadly, robots. The rhythm of the trading clearly revealed that trading was driven by robots.
The SEC is deficit in its duty to deal with this issue. But we are left with the ball in the rough. The chart above is a dramatic weekly.
Bassically we don’t know at this point if the issue is decided. We have often remarked on the alpha-beta-gamma–zeta pattern. (http://www.edwards-magee.com/ggu/alphabetazetawaves.pdf) We may well be in the beta wave now, but if readers just observe the stops they will prevail.
Taking 2673 as the upper and tight basing point the stop is 2512 (short horizontal line). A more spacious stop based on a basing point at 2557 is 2403. In general we think the broader the stop the better.
Interesting times willl continue for the week.