Last week was a very volatile one but it was great for daytrading. Market made its lows and had a great rebound from there. Big question is - what next?
Some sort of temporary bottom has been formed but we should get atleast a retest of that bottom soon. How this will happen is the question. We can go a little higher from here. Or we can go a little lower, try higher and then bigger down to retest the lows. As of now we are in a corrective upmove so its tough to call the waves. But one thing I am pretty confident on is a retest of the lows so I am positioned for that at the moment - not aggressively - but using butterfly spreads.
Internals rebounded last week and the MCO turned above 0. So some sort of short term uptrend is underway. I would give the market a couple of weeks to do a back and forth and stabilize before attempting to read more into the moves. For now I will focus on intraday trading. The positions I have will most likely be left untouched for now.
Gold - this one looks like its going to move a little more higher and then top. I will be playing the miners accordingly.
Best,
PM
Some sort of temporary bottom has been formed but we should get atleast a retest of that bottom soon. How this will happen is the question. We can go a little higher from here. Or we can go a little lower, try higher and then bigger down to retest the lows. As of now we are in a corrective upmove so its tough to call the waves. But one thing I am pretty confident on is a retest of the lows so I am positioned for that at the moment - not aggressively - but using butterfly spreads.
Internals rebounded last week and the MCO turned above 0. So some sort of short term uptrend is underway. I would give the market a couple of weeks to do a back and forth and stabilize before attempting to read more into the moves. For now I will focus on intraday trading. The positions I have will most likely be left untouched for now.
Gold - this one looks like its going to move a little more higher and then top. I will be playing the miners accordingly.
Best,
PM
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