Considering higher time frame bias, I am reluctant to play the long side at the moment. On the initial burst lower, Willy21 did register a 'stupid over sold' condition and the market did offer a long opportunity up into the 38.2% fib (our '1st stop' target). That trade is over and there seems to be little evidence from the indicators to suggest we have indeed turned. At this point, I shall use an anticipated 'dead-cat-bounce' up into the OTE
short sweet spot area (850) to hunt for the next short setup. Having said that, should the indicators start to turn bullish
, I am more than happy to consider longs in and around the 643 area but that long trade will need to take some time to develop.