This morning's rally fits the pattern of a series of Waves 1-2 down with attendant Fibonacci reversal windows which can be used to trade into the "next legs down." Although price has already reached into the newly established reversal zone, it could meander sideways to higher for a day or two before a definitive break-down below the Fibonacci zone. As with every other one of these set-ups, the only certainty is that a new low is in the market's future and probably sooner rather than later. For now, a price break below today's open/low of 268.77 will be the trigger for a new leg down, but expect that price action level to come up quickly if this rally were to last into tomorrow. Maximum target for this rally is around QQQ 275 and Oct 21st Puts are still the best bet for expected new lows (below QQQ 250) later this month. New QQQ Put recommendation will be posted on any break below QQQ 268 (QQQ currently @ 271.70). IWM sports similar pattern, allowing for a day or two of rally
