LATE BIAS-DOWN

Shallow noon hour bounce gives way to another low.

[pay]A bounce into the noon hour peaked upon testing 1793.00. Any higher would have triggered a bigger corrective bounce. Back under 1791.25 would signal the bounce had ended.

The bounce ended. Did the drop end, too?

1791.25 and 1793.00 each held two more touches before finally breaking the lower-end. The lower-end’s break didn’t delay extending down to 1787.50.  Unlike the morning’s 1789.00 low, only one RSI is oversold.

The 1790.25 bias-down signal was still being touched at 1:20,  so its eventual break is a late signal.

So, both RSIs aren’t oversold at the new low, and since the bias-down signal triggered late. Exiting the bias environment back above the noon hour’s 1793.00 test would signal that momentum was reversing up. No “unfinished business below” would be  left outstanding.

Otherwise, the trend remains down, next targeting 1785.50, and probably also 1780.00.

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