Elliott Wavers would call today’s low the end of wave 5 of 3, and this bounce is wave 4 into 5850 on /ES. This perspective agrees with your read, Randy.

Exactly. No way to know for sure if they’re going to stick-save & even then, pop another rally off the 200’s next week, or not. However, the R/R for a long at those lows earlier with a tight stop has nice upside potential with minimal downside risk. Of course, that’s for a day trade, afternoon rally while as one could bring the long home, they have then lost the guaranteed max. loss limit if stopped out as a big gap down on Monday (or Sun evening on /NQ) has the potential to blow past the stop.

Therefore, I’m pressing this one hard today & reducing the position (some or all) by end of day, if not stopped out before then, as to not have too much exposure over the weekend.

Best of luck to you. If my read is correct, we could see an explosive rally in the 2nd half of trading today fueled by a combo of short-covering from the JCL retail shorts that piled in this week as well as buy programs from the institutions…. Or not; maybe a big dump into the close today. However, that’s what a tight stop under today’s LOD put in around noon today is for. Nothing ventured, nothing gained.