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I was hoping for a hit of the falling trend lines as I posted yesterday but we didn't get it. The market was just too weak and rolled over without hitting it. This is a case of such failure where one should have taken a half position (short of course) just in case of such failure. Then if it would have went up to hit that falling trend line you would have taken the second half position short at a lower cost to average your total cost down. And if it didn't hit the trend line (such as the current case) you would have at lest had a half short position on and be profitable now that it's rolled over.

When today's move down ends I see 5 waves down from the FOMC 2010 high lst Thursday. We should then see a 3 wave (ABC) pattern back up Wednesday, followed by another 3 or 5 wave pattern down again Thursday and Friday. So bearish for the week is still the game plan but as long as support holds today there should be a one day rally Wednesday to get a better short entry at.

When today's move down ends I see 5 waves down from the FOMC 2010 high lst Thursday. We should then see a 3 wave (ABC) pattern back up Wednesday, followed by another 3 or 5 wave pattern down again Thursday and Friday. So bearish for the week is still the game plan but as long as support holds today there should be a one day rally Wednesday to get a better short entry at.

It could ride the trend line until the close though as it falls lows and hits horizontal support around 1900 from the September 7th low.

This move down has support from 2 falling trend lines around 1910 on this ES Futures chart (about 1920 SPX), which should stop the fall for today.

I think we'll see the MACD's bottom today, going no lower then -10 area and turn back up into Wednesday.

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