So Far, So Good

Although I missed the short at the highs, the market has since gone according to plan. There was ample opportunity to get short after the market open as we retraced almost 61.8% back to the highs. The market has since sold off. It wasn't easy to remain short as the market took time to break down and gave the illusion that more buying would come in. But once selling finally picked up, we easily broke through the 1110-1112 support. I am looking at 1102 as the first place to consider taking profits. You could have already covered the short after we found support at the current low of 1103.75, but I believe we should still come down lower. I will consider taking longs in the 1097-1102 range. On the same note, I would consider taking an additional short if we tick back up to 1109-1112...