It's down nicely and I do like to pick bottoms here and there and this is one of those. I am in at 601 and will play this for daytrading purposes today trying to get as many buys and sells in. I will document the short-term moves but will write about the strategy in the next paragraph
Note there is a decent buy block near 500 and psychology number. I am buying again over there next if it goes there but only if it keeps going straight down. Once a rally of any sort happens than I will remove or at least re-adjust the situation.
The hourly chart below has a high of 978 and therefore I will sell at a 38.2% retracement and 61.8% retracement meanwhile try to scalp the highs and lows through the rest of the night when I feel like it on the 15m chart even. I will keep buying small amounts more on this decline because markets do not go straight up and straight down and therefore I love my original entry position. I'll place other buy orders in every 50 or basis point drop.
Derek.
