Last week's decline looks like the first leg down of the move off the big bearish ABCD. And this first leg down isn't necessarily over yet...

I'm heavy long side bias intraday here. 3 ticks from the '1040' low, time for the MRRD's, as expected, right out of the 'Game Zone'. Maybe it goes somewhere, maybe not, but I got a trigger, and my bias is shifted. Watching to see if this forms a 4PT or a standard ABCD.

Being very, very cautious here at 44.50...

Now, keeping in mind what I said about how this thing has been weak at every chance to rise. Now it's down huge, right to the area we expected it would 'test' next, what if it can't even bounce here and goes straight through??? That would be something. So far, this bounce is very weak, and is now checking back. It is fine to come back to here, but now it needs to rise strongly, and I'm wondering if it can. The little train that couldn't? This is it, 1041, it needs to rise off this.

Intraday upside bias just about gone for me...

What a coil building in here. I just can't imagine an area as key, and obvious, as this not producing any bounce, but this could break down or up here, and it almost seems like down is building up more odds if this takes a lot of time. A big stop sweep, and then a bounce. Just sketching out some potential scenarios as I watch for setups.

So, the beloved, traded several billions shares a day C just 'flash crashed', but the 10% circuit breakers stopped it, and it isn't trading. Look at a 1-min chart of this. Imagine if the breakers weren't there. And put volume on the chart. Notice the 'crash' happened on no volume spike at all. This market is sooooooooo broken it's crazy, and they just won't see it.

And it reopens for trading, and guess what? Right back where it was before the 'flash crash'. What a great idea those curbs/limits are. Now when stocks 'flash crash' on a routine basis, they can stop trading, erase all the trades, and go back to where they were. Just like a 'do over' when we were kids. Cool.

Phew. They are saying it was likely just one bad trade. Hmmm, no volume, a stock that trades up to several billion shares a day, and no volume drops it like a rock. Sounds like a bad trade to me. Yeah, the system isn't broken, it was just another 'fat finger'. I'm glad to hear that...

Originally posted by jimkane

... Watching to see if this forms a 4PT or a standard ABCD.

Looks like 4PT where they were not even able to get to .685 in the CD leg:

That's what I was thinking, jarek.

And there's the stops. New low for the entire new bear market.

That's the one.