The morning gap lower is a very good clarifying situation for the bears, the wave'2/bear flag IS confirmed. SP'1340 will surely be hit within the next few days. Whether we can hit 1325/00..we'll have a better idea once we are at 1340. So...lets take each day in this down cycle as it comes.
*the exciting thing from a doomster point of view is that both the weekly and monthly cycles are now seriously warning of major trouble on the 1-6 month time scale.
Clearly, we've already seen a bunch of maniacs chase the open and take on 'bargain' long positions...crazy! They will all get the kick (those that use stops at least) soon enough. It is especially both amusing and disturbing at the same time to see people chasing AAPL back up. Do they not look at the daily charts?
We are sure to get a little bounce at some point in the day, but main trend IS down.. so I hold short regardless of any intra-day noise.
Holding to all targets as stated over the weekend.
More throughout the day!