Recap 8/22/2013 - Choppy ahead

It's been interesting since the last post, we had a declined on talk of QE taper then ramp up sharply on the Fed calming the markets on tapering. Then bulls seemed exhausted and the SPY moved sideways for a while until the exhaustion played out. In a rather sharp move lower. Seems like price lately is about jumping levels and then consolidation at those levels. We did the grind near the all time highs above the 5/22 peak the jumped lower and for the last four days price has just hugged the 6/18 high. Also, look at the measured move targets, price almost exactly matches.

I posted this chart on TV earlier, price broke 0.38 fib and has bounced higher. Its at an interesting level near the 6/18 high and if tomorrows open isn't higher the bounce gets cancelled and we should move lower towards the 162 target on my chart, we'll find out.