Big bounce in the US markets...Will this one stick or fade like everyone else? My view - MAX upto 742-750 SPX is possible after maybe a pullback tomorrow..So pullback from 720 to around 700/690, then again one more move up after a little into the 740 area max..It may not even get that far...This is how I see it happening. Another classic ABC pattern before next move down - Also this should be the FINAL move down.
Now this kind of puts a quandary on the shorts I am holding now. Maybe the US market will be weak tomorrow and bail me out but I am not sure. But I am not too worried about this..Either way, I see this wonder bounce failing soon. And since I am at something like 50% of my planned short size, I can always add more if we bounce higher...But its a moving target - will see more on Thursday morning.
Also lets see how tomorrow in US markets plays though.