As expected, countertrend bounce came in this afternoon. Expect it to continue into tomorrow. I have highlighted on the chart 2 levels to watch for the turnaround. Due to overall weakness, at this time, it does not look like the bottom is in.
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Countertrend target 1 reached.
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Countertrend rally over. I doubt it will be straight up then straight down. Most likely it will roll over slowly and form a right shoulder. But if the Ukraine situation resolves, the downside is off the table short term.