In yesterday's piece I wrote that I was looking for a bounce from above trend-line support and still expected the next major development to be a return to 10K ...
... Boy did I get that wrong. Bulls got some brief respite shortly after my post, but these gains were quickly wiped out as sellers came back in full force, not only taking out the trend-line, but actually breaching my invalidation point:
Now this could always be a false signal: a wash out of longs before a rally. After all, the 61.8 still holds ... but from a purely technical perspective, we are looking at lower highs and lower lows and I see significant risk of further downside over the coming sessions. Hopefully I'm still out of sync with the market.