1. another day of chop 10%
2. gap up and resumption of trend 50%
3. another move down with low volume selling and a gap up on Weds 25%
4. retest of lows 10%
5. breaking lows 5%
Because all of these scenarios barring option 5 involve eventual upward movement I have my stop pretty loosely set at slightly below Thurs' close to allow the gap to be filled. I remain long SPY/ XIV
If we bounce off the bottom trendline again, this would be a good long setup.
From 10 min frame looks like consolidation and hopefully stays that way
A decent amount of upside still left
The buy signal just triggered on daily so expecting some push up before it can weaken.