After analyzing the trends of the market, it appears we can be in a longer term bear market than we thought (2-3 months). Previously the initial bounce I called for was for the end of the futures contract but it seems like we had a weak bounce. We can still break out of this short term down trend and break up arrow 'A', then break down to the long term trend line at about 9100-9300 before re-testing the long term down trend. If we do re-test and get a nice bounce at the long term up trend then we should be able to break from this bear market and see a new ATH. We could also see a test of 9100-9300 following arrow 'B'. i think 10500 is a good area to open a position, keeping in mind to average your cost down if we begin to break down more. Either way, we should be seeing movement before the end of the weekend.
Thoughts, comments, criticism is always welcome!
Thoughts, comments, criticism is always welcome!
