Deep enough to be done?

Already bouncing from this morning”s new low.

Probing beyond a bias signal during a no-bias environment is called “no-bias trending,” and it is doomed to failure. Often not only the probed bias signal must be retraced, but also the bias timing window”s 10:15 print, which was 2045.50.

This morning”s 2041.00 bias-down signal was probed. Not by a lot, and only by a singular probe, so it might have seemed irrelevant. But it took both 1-minute and 3-minute RSIs oversold simultaneously. It was relevant.

So, probing just 6 ticks under the bias-down signal created potential for bouncing 6 points. In fact, the touch of 2039.50 did react up to 2045.50.

Now its pullback has recovered to attack 2048.00. Entering or exiting the noon hour above the open”s 2049.50 high could form a very durable bottom, and a very strong afternoon rally.

Otherwise, the low”s retest is likely — and likely to be retested down to 2037.00 for the next potential to bottom.