One More Low?

Past few days market action has been cautiously bullish...lot of it on short covering...Actual buying has been missing in this market...Everyone and their uncle is bearish now..Maybe we need to start being bullish...albeit very slowly...

I see possibility of one more low...possibly a lower low at around 3650-3700...I will also be happy with a higher low...Before we lauch into an intermediate term rally of maybe 1-2 months...After which there is more carnage on the cards...So this is still a traders market...Keep that in mind...If trading on the long side, its been very tough to hold on to gains..Trends change almost immediately and without much warning...The short side has been easier to play...Lots of time to cover etc etc...Character change in the market...We need to watch for this to change...

Some positives and bullish signals exist on the charts..We can see an exhaustion of selling..However buyers seem to be on strike...But when they come back, we can see some quickfire upside...

Why do I say one more low?...Because the wave structure is suggesting that...Again I will be happy with a low at 3800 also...Ideal will be 3650 to get long aggresively...


So to sum up I am bearish very short term...medium term cautiously bullish...long term clearly bearish... :)

Daily chart below...You can see the lines of importance in here...These will be in play over next few days...Looks like we are going to play within this channel for a pretty long time!

Best.