My guess is that they want to test the previous low in the ES, so my most optimistic area is between 76 and 82.



Key supports on the way down are at 18 and 6-7.

The ES does look ready to bounce, right off the area rat mentioned there.

BTW, lots of great posts, crew of two. I like those charts you posted, rat. The linework on the SPY chart shows very clearly the way they use the lines and 'backtest' them. Sometimes the machines are programmed in very basic ways, nothing too complex.

Myself, I don't think the downside is remotely close to done, so I am taking this bounce as just a bounce, nothing more.

The first area is right in here up to around 80. The next area is around 85.50 or so (center of area).

Boink! There is a minor area at 82.25, so I am watching closely how it handles that blast into it.

This one is curious because with all the movements lately, there are lots of line possibilities. It is harder to pinpoint an 'exact' spot. The lines start to come in around 84 for that 85.50 (center of area) spot. And it sits now at the confluence of this 82.25 minor area. So, it has some tough slogging in here. Then another layer around 89.50. Sure, it's due a good-sized bounce, but I think the sellers are still around. They like to start selling in the evening more now, so that may be a factor in how it bounces, too.

Also, look at the character of the Monday late day ramp, and look now so far. I overlaid that move onto the chart in here in case.

But, I am ready for it being done right in here...

You know what I like about you charts there, rat? What it implies if those areas don't hold.

and they're probably not done....