Markets did the bounce which I was expecting Tuesday morning- so I got long the EDC and TNA and took the nice profits with 6-7% in just 1 day yesterday as the mkts rallied higher (or bounced higher)....
After I sold my EDC and TNA with great gains , I got shorts like ERY, EDZ and TVIX yesterday on the dip in hope that this is just a bounce before another big flush comming up.
So right now I have STILL SELL SIGNALS in mkts - mkts needs to take out 1260 to the upside IN CASE ANY VERY BULLISH things should happend......
So for now I still feel we have a lot more downside to come ,, next week could also be pain for the bulls , but overall I see a potential topping hs pattern forming with the bounce yesterday as the right shoulder.
In that case target would take us down to 1140 on SPX which would be amazing for my shorts -- time will tell..
Oil looks like on the verge of a huge breakdown too,, so waiting patient on oil this could drop a lot from here imho.
Conclusion:
I got shorts again via ERY , EDZ , TVIX and hoping for a nice breakdown and a target of 1140 on SPX.
If you wanna see all my live trades and comments join us in www.nwatrading.com we have been making a killing in here over the last months from we started in August.
My thesis still remains bearish for the next week too - so very possible we can reach 1140 area sometimes early next week , very possible.
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