Very strong rally. Its hard to believe that just a few days back we were plunging so quickly. That is the irrationality of markets for you :)
Anyhow, I think it looks clear now that this rally is here to stay. I am expecting a pullback right about here and then after that the market should continue higher for now. We look to be in an ABC corrective upmove of which A is going on right now. Correctives are always difficult to read so my trading will be hit and run only for now. We need to wait for more evidence before taking any longer term position. I think we pull back a bit here, then try higher. Then we should see a bigger move lower. This might happen sometime week only.
Best,
PM
Anyhow, I think it looks clear now that this rally is here to stay. I am expecting a pullback right about here and then after that the market should continue higher for now. We look to be in an ABC corrective upmove of which A is going on right now. Correctives are always difficult to read so my trading will be hit and run only for now. We need to wait for more evidence before taking any longer term position. I think we pull back a bit here, then try higher. Then we should see a bigger move lower. This might happen sometime week only.
Best,
PM
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