Nothing to get too excited over, just biding time until we get a dip far enough to interest buyers.
Today's sell-off extended to the lows reached on Sept. 14. which coincided with a 38% Fib. retracement from the lows of Sept. 3rd to the highs of Sept. 17th.
We gaped up slightly, consolidated, returned to the previous day's close (scalp short entry!) where the selling ensued. Notice how price consolidates for the first 35-minutes, but once the pile has been stacked price just slices through the previous day's low/close decisively.
A Fib. extension snapped between my S/R pivots gave a good general level of expected exhaustion today.
Remember what to look for to expect a trend day.Here's a chart of the day and a lesson in when to recognize a short covering squeeze.
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