Today we feature two trades of the day.
The down move was mechanical and bought at R2. A hallmark structural cue is that break downs out of extended basing like today, rarely are pure trend moves -- especially when they were at steep as they were today. Still, i'm impressed that the down move was a big as it was. Lots of laggard long inventory to say the least.
We expect trapped laggard shorts for tomorrow, unless something has changed.
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