Rebound failure after plunge, threat lower

Day trade update and view

A Wednesday rebound failure from just above our .6818 resistance, back from .6826, to retain negative forces from Tuesday's plunge just below the early July cycle low at .6760, to .6758, keeping risks lower Thursday.  

Day trade setup

• We see a downside bias for .6758 and .6729; a break here aims for .6683 and maybe .6619.
• But above .6826 opens risk up to .6887 and possibly .6920.

Intermediate-term outlook

The mid-June push below .7032 signalled an intermediate-term shift to a bear trend.

Downside risks: We see an intermediate-term bear trend to aim for .6409/00 and .6000.

What changes this? Above .7069 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.