Today the last upward impulse wave has completed and by now it has been almost fully retraced with a very strong down movement which really looks like an impulse. I expect it to hit the trend line again, have a dead cat bounce and then continue moving down.
After the correction around the trend line is over, it will be a good shorting opportunity, and I would advise to take a longer term position, not exiting after a few bucks of gains. Short futures far out, CLV5 or later, and try to hold those for a few months. We are heading to at least 42 and this may take some time.
After the correction around the trend line is over, it will be a good shorting opportunity, and I would advise to take a longer term position, not exiting after a few bucks of gains. Short futures far out, CLV5 or later, and try to hold those for a few months. We are heading to at least 42 and this may take some time.