I expected a moderate rebound today but actually got a very weak one. Because the previous wave was quite violent (went beyond 1.618 a bit), so the current one will probably break the previous low and might reach 1193.5. The final target before seeing a upward correction is about 1170 which is consistent with two different estimations. Before reaching 1170, I will not consider opening long positions.
SPX 60-min chart:
XLF 60-min chart: I do think that XLF has started to sell off and it is not bullish at all.
QQQQ 60-min chart: I dare not to touch it at the moment. On the chart it seems QQQQ may bounce back sharply any time. And the money is flowing in despite of the recent selling-off.
QID 60-min chart: previously I estimated the target of QID was 50.63 but I didn't know it could reach this high so quickly. On the chart you can see that it could drop any time!
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