Bias-down target met… refueling for another go?

[pay]The morning’s bias-down environment is lapsing, and the 821’50 bias-down target has been met at the low. The session-long decline setup says any bounce will fail, but it doesn’t prevent a bounce.

Traders whose strategy dictates exiting at a target will have covered or are working it. Entering the noon hour under 823’50 does marginalize the bounce potential a little, perhaps limiting it to only 825’50 before buyers might be gaining traction for a bigger bounce.

While the session-long decline setup does point lower, it also dooms bounces to failure. Bouncing high enough and long enough to avoid new afternoon lows is possible, but it would only  delay the inevitable and compound its effect.

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