Quick update to
In the above piece we’d said we were looking for a drop to at least 3820 and then a rally over 3950. We got the 3820 dump hitting on the nose, but the rally came short of 3950 ending around 3910. This did spike out the high, which was the important requirement.
Spiking low, spiking high and then re-breaking the low were all the signals we were looking for to position aggressively for an imminent market break.