Bounce Doesn't Look Convincing

SPX made a bit of a bounce off the support levels but it's not shown the strong properties I'd have expected to see in the bat D leg or the C leg I spoke of.

All trailing stops on longs hit.

If we can continue to break out to the upside I'll probably have to buy breaks with tight stops but I think the more likely looking setup here is we make a new low.

If a new low comes from the setup we have a butterfly forms just under the last lows. This is a big inflection point. Either a low is made or we trend down strong under it.

This would also agree with the big 1.61 inflection area.

Starting to think I was wrong about the bigger bull trap idea and we might see a break. Back in shorts.