The market is ultra bearish, but perhaps we're about to establish a sideways trend? The market has been hinting it for weeks and has not set lower lows. Fundamentals are bearish, but conditions are reasonably oversold for now in the short term. It makes sense for a reflexive bounce as shorters cover their positions, but alas I do not think it will be enough to turn the market around, so I do not forsee a larger rally yet.
If we break below 1000 there is a clear violation of structure and the idea is invalid. Maybe there will be another drop yet. I would prepare for that also incase some really really bad news breaks.
Banks are putting cash aside to prepare for loan defaults. If that's not some sort of leading signal for more bearishness, I don't know what is.
Be prepared either way.
What do you think? Let me know!
Cheers and don't forget to hedge your bets!
If we break below 1000 there is a clear violation of structure and the idea is invalid. Maybe there will be another drop yet. I would prepare for that also incase some really really bad news breaks.
Banks are putting cash aside to prepare for loan defaults. If that's not some sort of leading signal for more bearishness, I don't know what is.
Be prepared either way.
What do you think? Let me know!
Cheers and don't forget to hedge your bets!
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Similar idea but this one illustrates a bit clearer how the current scenario could match January 2019:
