WOW....

Rebound was expected but not to this extend. The forecasted value 604 was realised in the first 15 minutes. Lucky all shorts were closed out last night. But what to do if you have no positions? No sweats. Just wait for the pattern to develope. For every gap up because of short coverings there is a retrace. As you can see longs were initiated when it broke out of the downward sloping bullish channel to the upside. The daily low was at r1 595, very bullish. It was a W formation and fib extension 1.68 was minimum. There should be more upside but after a 400 DOW point day it is only logical to close out all longs. Don't be agreed or you will give it all back. Tomorrow's numbers are 618, 604 and 597. If the uptrend is to continue, the low of the day should not be lower than 604 and should close near 618 r1, otherwise it is a one day wonder. The near term target conservatively should be 620ish.

2c