Well it looks pretty ugly I must say - we were not able to bounce back up fast after the move down. This indicates for me that we will go further down - I will probably be taken some shorts again as I think we could be able to go below our neckline soon and test 950 level in the late summer.
But if we gap down - we could have a snap bounce to the channel down trendline at near 1080-1090 level and then plunge down further.
I will be looking to enter lots of shorts if we get a bounce - right now I just try stay cash and sell my long positions with very small loss from last days entry.
Markets dosent look healthy and I overall expect now a plunge where we could be headed to 900-950 level over next months. Then we might get a nice rally in september/october.
Well for now I think its best just to stay cash and shorts - dont think we are able to see any good rallies at the moment.
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