Market view

Markets did gap down a lot yesterday to SPX 1140 area , which was my first target area as I called when markets were 1220-1230. Target reached to the downside the first target and we bounced from this lows - to me it just does not "feel" like the lows and I think this were the first low we got to suck in more bulls - then to make another low later this week.

My fib cycle have a bottom around next Monday which tells me that markets gonna see some blood and panic over next few days into Monday.

Markets looks also like making a "bear flag" which is a very bearish pattern before a breakdown should happend from this - so im currently holding all my swing trade positions in TZA , DRV , EDZ which area all in green.

It felt yesterday like the "bulls" won the day yesterday as we managed to close in little red , but again... we closed RED and not big GREEN....... psychological manipulation for people to turn bullish but actually was just an oversold bounce imho.

I think good chances that we backtest 1170-1180 area and as long we dont rally above 1190's area I remain confidnet being short markets.

Again ... if we get a monster rally today to above 1190 - then my short term trend may change.. but until then I stick to my guns and thesis.

Conclusion: I remain 100% long my short positions until the short term trend tells me otherwise - my first target of SPX 1140 got reached this morning on the trendline support which is the bulls critical area - we got a rally from there but I dont think this is the bottom and I think we will see more blood and panic into weekend.

Have a nice day