Mid-day Update… The price of impatience.

An objective above remains outstanding.

This morning’s recovery and reversal into positive territory came within 5 ticks of the 2016.00 objective. That’s not close enough to satisfy its sponsorship, which had held a test of the 1999.50 bias-down target and recovered 2004.25 through 10:15.

Despite having become entrenched with higher objectives in-play, buyers didn’t exploit any earlier opportunity to rest on their laurels. That chicken has finally come home to roost. Entering the noon hour at 2007.50 — a fibonacci 38.2% of the morning’s rally and also yesterday afternoon’s resistance — has broken lower to 2002.25.

There’s room down to 2000.00 before suggesting trending might be reversing down. Actually resuming the recovery won’t be signaled from under 2006.00-2007.00.