After this late morning sweep off the low about noon EST I may end up changing my bias if price climbs back up over the 200MA but either way for now the daily range hi to low is inside yesterday's range sitting in the middle after collecting liquidity almost exclusively off the bottom 50% of the range since the balloon drop Friday. Gotta couple of small scalps but SLOW TODAY... "Watching Wall Street Week with Louis Rukeyser." HE WAS GREAT! Either way, price action is quietly planning which way the Banks can make the most money. I use the fib retracement tool ONLY to divide major turning points into 1/2's and 1/3's. Velez has extensive data on price movement expectations based off over 40 years using the same simple rule based trades having ZERO to do with patterns. Some may not know but patterns many time are engineered to fake real directional bias.
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