Continuing to smack & sell the lifts here on all stimulus news... beautiful set up this morning off globex retrace.... will continue to spank the lifts until downside target is kissed @ 2635-50.
Way too much emphasis on exact percentages... when sellers want out they want out & hit the bid regardless of percentages.....
Could turn that quote around and say sellers hit the bid when they want out regardless of your price projection, however you derived it. Percentages works very fine - both for daily changes and for long term corrections. 20 % down is a number everyone is looking at, so it's certainly not insignificant.
Then why hasn`t everyone bought the 20%... 2720 level & made it the almighty Floor your referring to? Trading down to 2695? Trading a mere 3% off the lows? Everyone is pretty broad.... anyhoo, It`s called plan your trade & trade your plan... Let your PnL judge your opinions!