bounce

Take a look at FXE (Currency Shares Euro Trust) and how the breakdown from support was gradual and gave opportunities to judge the real buying interest along the way.It appears that the lower highs resulting from the 5/27 rally, and the subsequent failure test on 5/28, really sealed the fate for further testing to the down side. The "pace" showed a complete lack of buying interest before falling off a cliff.
Now, take a look at the S&P500 index at the 1070 level.and similarly, @ES
This isn't a prediction that we will drop into a lower low abyss, just a way of taking comfort in the fact that if we do drop into the abyss, at least we should have time to react. Notice on the ES how price consolidated into a tight range before giving up the 1107 level.

Also for consideration on this topic, the Dow Jones Industrial Average: