I know this market seems unbelievable, but be careful about calling the bottom unless some of the RSI charts are able to break their TLs. Here’s the 5 minute chart:
And, the 60 minute:
Note every time the market tries to turn, the RSI is turned back by its trend line. I, for one, won’t give up a single short position unless we can at least see a clean break.
Just a quick look at possible TL’s to watch — big picture stuff. Next support looks to be around 1100, the 3rd fan line off the 2007 top.
This also coincides with the 2.618 Fib extension at 1098.86. Recall, this would be another logical termination of the crab pattern we’ve been watching [Anything Happen?]