From last nights report

I would like to follow up on my last post late Friday afternoon. There are basically two ways a stock or market can correct. First they can do a run of the mill correction in time and price where they do a lot of chopping around to reach the correction low. Lots of backing and filling which takes time.

The second way a correction can take place is when a stock or market declines very sharply for two or three days shaking all the weak hands out which is the job of a correction. The unknown is how the price action reaches the correction low.

The possible scenario I laid out on Friday is based on a strong decline on a Friday with the price action closing at or near the lows for the day. As I said, when that happens investors have the weekend to think things over with the weak hands selling on Monday. In order for this scenario to play out it’s critically important that the markets open down hard on Monday morning in a panic move. Normally this can take all day for the weak hands to finally sell out. Then on Tuesday the market might open down to start the day, but then at some point the price action starts to impulse higher. It’s called, Turn Around Tuesday. I’ve also seen several instances where the turn around didn’t start until Wednesday.
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Looks like that’s what is happening here….short sharp correction