Markets had ANOTHER nice down day and the shorts I have got up again for 4th day in a row!
Amazing gains in TZA from 34.5 now near 40 - actually TZA broke the neckline on the inverted HS pattern at 38.5 - and this targets 45 in TZA , which we should see over next 1 week from here. The first chart was published the day before 1st June - when TZA were trading at 33$.
With the markets down 4 days in a row - EXPECT A PULLBACK in shorts and BOUNCE in markets, we are extreme oversold on the short term timeframe and thats why there is a good possibility we get a good bounce , also possible we get a multiday bounce , but I dont think we will bounce much imho.
Markets is now oversold on daily chart - but remember - we can stay oversold for more days..
My target for this correction is MA(200) which is 1250 area - so this is the target I am looking for right now - not sure if we get it - but I dont think the correction is done yet.
There is a good possibility we will bounce to 1313 to make a backtest of broken trendline in the comming days - overall I would not bet on it or play it right now as I still think we have more downside....
I feel sorry for those who has been buying the dip all the day down - but for now its not the time to buy the dip as every dips should be shorted right now.
So for now I am holding all my shorts with a downside target of MA(200) at 1250 before a major new rally.
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