As things stand I'm waiting to see a few more clues about what is playing out... so as such I am not acting on it at all for the time being.
If momentum begins to pick up and buying continues then I will have to jump in long if I can find an entry from a retracement.
But for now, I'm admitting that as things stand I currently have no idea what to expect, so I wait for the picture to become a little clearer before posting a detailed update.
Initially yes I am thinking that this goes back to my scenario 1 illustration, but the key is now to set some "tests" and a road map for how it will play out.
The initial illustration itself didn't actually have much detail, it was merely saying that there will be a rally and I only used it to give a contrast to scenario 2, which was my view at the time. Now that we appear to be in rally territory I will need to make it much more detailed if we are to work with it.