Got a combination of the scenarios I presented in the last battle plan, a continuation of the decline with a bounce to the 60 min trend line to issue a 60 min reversal short signal.
SPY declined all the way to the weekly trend line and there bounced hard as expected but I suspect we have at least another leg down, in order to create a positive divergence and be ready for a rally. I just hope for the bulls that the weekly trend line holds, other wise we can go way way down, so maybe a double bottom scenario?
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Battle Plan for the 1/22/2014
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