Long at 29.50 for a scalp to the weak bullish test up to $33-34.
This seems to be a reversal of the sell-off, although not strong and hesitant so far.
The slightly bullish development is, after the V recovery, and bull flag consolidation that has a narrow range.
This is a searching market, and bears are more likely to want to bail with profits in tact before many more bars form to lock in $$$ This should cause a brief push up in short-covering at least rather than bulls taking control.
So i anticipate a weak leg B style correction up next, followed by another weaker bout of selling down in
3-5 waves that either forms a marginal double bottom, leg C lower, or higher low. After this I will be bullish and enter more aggressively for a new test of the recent highs in what could be quite a strong and persistent rally.
The slightly bullish development is, after the V recovery, and bull flag consolidation that has a narrow range.
This is a searching market, and bears are more likely to want to bail with profits in tact before many more bars form to lock in $$$ This should cause a brief push up in short-covering at least rather than bulls taking control.
So i anticipate a weak leg B style correction up next, followed by another weaker bout of selling down in
3-5 waves that either forms a marginal double bottom, leg C lower, or higher low. After this I will be bullish and enter more aggressively for a new test of the recent highs in what could be quite a strong and persistent rally.
