Click on Chart to EnlargeThe chart above has some notes on it. It explains the logic on this trade. Learn this set-up, because it is a common one across many markets. I am looking at a set-up like this in the stock indexes right now too. Nasdaq broke first support today. Put/call ratios have been quite high, suggesting a rebound is likely. The same set-up is also in play in the broad commodity indexes CRB/CCI. With commodities looking weak, I expect any rally to fail here in stocks and move to at least moderate new corrective lows.
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