I only bought into WTC for a short term trade when it started...

I only bought into WTC for a short term trade when it started moving up just prior to its major flame out. I had a stop loss of $23.80 (not a booked order however as I rarely use hard stops) but as it has stopped dead on a support level of $21.42 I thought it was worth pressing on into the unknow, however more falls yesterday to have an intra-day low exactly on the next support level and a calculated target I had for a bottom ($18.11). Having closed a bit above its low and despite the numerous posts suggesting the stock was facing Armageddon, I decided to throw the dice again and its small recovery looks promising. However, its too early to take of the asbestos underwear just yet. T/A theory says that after a selling climax (certainly met that definition!) there will be an automatic response in the form of a short rally and most likely and extended sideways action for some time. I'd see $23.20 as a level of resistance from where price might fall back towards its low of yesterday before moving back up again.I'll probably take a small loss and exit the trade when the initial price reaction looks like its hit the wire. I'm not expecting an amazing recovery in price - but then I wasn't expecting price to crater as it did.Fingers crossed yesterday's low holds.

For the benefit of the T/A doubters the red dashed lines are natural support/resistance levels calculated mathematically rather than by eyeballing the chart. Those levels were calculated some time ago before the fall (see my post above of 19th) - so they haven't been concocted with hindsight. The target was calculated Wednesday after the fist day down. Quite amazing how the price respected the levels.