Testing lows

I always think from a “TA” point of view that testing lows is probable, however, in this case I felt the actual lows of black-flash-crash-Monday were “fake” and we probably would not re-test them. I am starting to rethink that as it looks fairly probable now. Keep in mind, that is only about a 10% correction from the top, which is very typical after a long bull run. 12% would not be surprising at all, but 20% would definitely surprise me. Not like the world is really cranking it now.

Don’t grab too many falling knives, keep a little cash around for further opportunities.