Mkt did rally several times getting up to 204.60, but has stalled a little. Having said that, the pattern is corrective and am still looking at the possibility that this is an irregular (expanded) or running flat - two three wave corrections with a final five wave down (this is where we may be). Because of this and the fact that we closed at the lower channel line, I am putting in stops @ 198.65 on some of the position and below 194.20. If the market moves farther than this, then I am back to the original correction targeting the 165/150 area. Note: Brazilian Real back to 172.10 and breaking through some short term resistance (need to watch this over the next few days - it may not get to the 160 target).
Tradeflow graph: post option pit market tested lower channel line and 62 % retracement. As evident by the dominance of red bars, sellers were the aggressors over the last 2 hours of the market. You could buy this with a stop only a few dozen pts away - very high reward/risk and decent probability that it will pay out.
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