Strong sell off last few days. Micro 3 leg top - (A, B, C on the chart). Broke trend line (dashed line) that held the trend for several months. Given above factors, I think we will likely have a 2 legged correction to 1330 area. One factor to keep in mind though is high VIX reading. So I wouldn't rule out if the second leg forms as sideways move. At this point, I don't know if market will go on to make new highs. It really doesn't matter. What I am interested is whether I can get a low risk zone to get on board long side and profit without needing market to make a new high.
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