What Next?

We broke some very important supports yesterday intraday but closed above the most important recent support...So what next?

Looks to me like wave 3 of C might be over...If so, we should have some sidewise moves for some time before the next wave down opens...My thought would be to cover if you have any longs and stay flat or try some shorts if confident enough...We might get some upside in coming day(s) to do this....If we are setting up for the 5th wave down of C, believe me you dont want to be holding longs when this happens...Best case might be to take a month long vacation from the markets and then come back and reevaluate.

VIX is slowly going up again...I will be very interested to see if we can get back to 50s area of panic again...This will be a sure sign to get long and start buying for long term also....

Note that we are at 32 now.

These are treacherous times....Comments and Questions Welcome.

Best.