Since the market rolled over about 24 hours ago, we have been in a downward channel in the mid-term, with minor rallies in between. The downward channel was strong and violent, with lots of volume . Recently, we have seen a double bottom formation and a breakout from this downward channel with decent volume . I am waiting for a pullback to confirm the new trend. If the low is higher than the previous low, that would give me all the confidence I need to get back in for the long.

This parabola is still in play. We were long overdue for a correction, we have not seen a correction that violent since the start of this massive uptrend about 3 months ago. This is healthy overall. Now that many retailers have thrown in the towel from buying at the top, I would expect lower volume for a while as the new uptrend accumulates. Once the uptrend is obvious, the retailers will feel more confident and the euphoric buying will begin once again.

Again, wait for the pullback for the confirmation, as this could be a bull trap and we can see the price fall through the floor again. Set tight stop losses. It looks like support is at the 10600 level, so I am thinking a stop loss at 10400 is appropriate.
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