Since my SPX analysis in which I called the bottom, we are currently ~5.6% up. The price action so far is good and I am sticking to my plan. On macro scale, I do not yet believe that the downward movement (dip) is over yet. The main reason is because the expanding diagonal waves do not occur at the end wave of a move. Though we still have chances of visiting lower levels, that does not mean we are going down for time being.
Since market moves in waves, while you look at the general perspective of average traders, most of them are bearish right now, plus the fundamentals are not too good either. This provides good opportunity to make impatient bears loose money. You can call it a dead cat bounce if you want. I am still expecting SPX to reach the upper mentioned levels before making the move downward.
I am expecting high volatility for next couple of weeks so trade with caution and always manage your trades instead of leaving them on pre-ordered TP-SL.
Since market moves in waves, while you look at the general perspective of average traders, most of them are bearish right now, plus the fundamentals are not too good either. This provides good opportunity to make impatient bears loose money. You can call it a dead cat bounce if you want. I am still expecting SPX to reach the upper mentioned levels before making the move downward.
I am expecting high volatility for next couple of weeks so trade with caution and always manage your trades instead of leaving them on pre-ordered TP-SL.
