Hey, isn't it a little premature to be doing a chicken dance over yesterday's call of an immediate drop? Technically, yes, perhaps. But I'm not going to be watching the market the rest of today, so I figured I'd just post this now.
That way if we continue to drop hard in the coming days, I'll look really cool. And if not, I'll just delete this post, move on and no one will be the wiser. That's basically what the TV analysts do, right?
In all seriousness though, a sustained downtrend needs to be confirmed by intra-day Chicken Oscillator readings and a clear wave structure. We don't have enough tape yet to make that determination.
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