Of course, there are lots of fib levels depending where you start counting from. But it's looking dire. About time for a violent but futile "rally of hope".
I actually covered some very profitable shorts today in the last hour of trading because I smell another bull trap rally starting soon. For a few of these stocks, I’ve been seeing more churn than down the past week. I expect financials to be part of this fake rally front and center since they have been beaten like a redheaded stepchild for months now.
Look at the XLF. Brutal, but primed for a little pop.
I felt that oil was going to peak during the 4th of July weekend, and begin to head back down.
But one big one out this week is what the EU fed plans to do tomorrow. If they raise rates and use language that they will continue on that path, the dollar will be massacred and look out below.