The correction wave of the overnight slump did not end until just under a 78% correction of the inital swing wave.
At the 78% correction point, we got a divergence between the Futures and $TICK 2-Period SMA of the (H+L+C)/3 pivot signaling a weakness in the buying pressure of the equity market. We then got a 62% correction of this down phase, which was another possible entry for a short position.
Charles
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