F.T.W… Update – mytrbroadcast.com

In my last note I said the “markets” could very well be setting itself up in a text book reversal based on my reading at the time. However, it appears this “market” wants to show everyone and anyone there’s more ways to skin a dead cat bounce. Actually, there is, and all of them can still be textbook because it doesn’t have to be just one and only one. There are multiples.

So far we’ve hit a very above average Fibonacci level, then reversed.

Today…

We have another big rally, but this time, it’s a perfect gap fill and another highly statistical Fibonacci hit and reversal.

Can it go even higher and remain in the “text book” category? Yep. Going even higher again so that it retraces 100% of the entire spike down as marked with that “Third…” moniker and still remain firmly within it.

But let me be clear why I’m notating this at all to begin with: If this set up is what I pointed out to be a text book rally and reversal, that reversal part should not arrive in some meandering way as to take weeks or months to open that “look out below” hatch. It should be strong and fierce, well on par, if not surpassing anything that preceded it just days ago. That’s why I’m pointing it out.

So with that said, here’s an updated version as of the cash close today (Wednesday). And like the prior, it’s self explanatory. To wit:

As always, we will all have to wait and see if this “kitty” has any more spring in its bounce. And if not?

Hint: it’s in the chart.

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