First Retest Of Bottom Has Bounced

Update 12:30pm EST. Cash chart of ES-

Original post
There was a deep overnight retest which was expected. Could be a second retest at 2308 zone which comes out to 76.4% down from top in ES 24hr. 2330 is the 61.8% zone. Do not know if it has more to do in that regard. We shall see going forward. This market has been everything but compliance is not one of it's features so we will watch what develops from here. Note that 8/6/19 bottom retested a total of 3 times over a few weeks so it might pay to wait for the MACD to print a down move on instruments like VXX daily if considering going long. Otherwise 'V' bottoms are more common generally- then again, this is not your 'as usual' market.

If a sustained move up seems to be occurring during the next few weeks, (assuming this bottom vector print wasn't an aberration), then there will be an active top watch initiated. It will pay to not take any move in this market for granted.

Bottom chart shows S&P possible projection. Should be on our way to 'C' after retrace up. Some preliminary layouts are showing 'D' to be near 3800 which is one of the numbers Neely had projected.

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..and possible bounces/bottoms: (2/28/20) , {3/6/20, 3/9/20,    ?   } x 3**

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