After breaking though long term tech support, the DJIA has rebounded sharply on what has largely been a short-covering squeeze and some potsitive trade war rhetoric.
For me the damage was already done and this appears to be nothing more than a corrective bounce in a now down-tending market.
I would be looking at an over-extension to the 61.8% fibo retracement circa 25,800 to initiate fresh shorts with an ultimate goal of the market retesting the shaded channel 23,800-23,00.
Expect violent over-extended/exaggerated swings in what looks to be a market loaded with short gamma.
For me the damage was already done and this appears to be nothing more than a corrective bounce in a now down-tending market.
I would be looking at an over-extension to the 61.8% fibo retracement circa 25,800 to initiate fresh shorts with an ultimate goal of the market retesting the shaded channel 23,800-23,00.
Expect violent over-extended/exaggerated swings in what looks to be a market loaded with short gamma.
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