My last few articles have been prepping readers for a potential setup for a large decline, so far its not disappointed, many members caught a large percentage of the decline, although we were watching a couple of ideas this past week that suggested a rally was due and after 2 attempts we caught the lows last week, so traders made $$$ from the upside as well
Traders that are flexible and have the right setups are making serious $$$, as the swings we have seen recently are a traders best friend, although you still need to find the right setup.
Anyhow back to the setup in hand.
If you have not been involved on the short side like some members have, then you may have another chance later, but short term this appears to be inside an upwards correction to correct the decline
From 16523 it appears to be a 5 wave decline, so I suspect we can see a large bounce to correct the decline, a 3 wave bounce that remains under 16523 is a setup to sell, so readers that are interested in looking to sell this market need to wait for the market to set itself up.
Whilst its never a foregone conclusion that we are going to see more downside, if the market has put some sort of peak, then I still think we at least see a move back to 14000 or lower.
So if the idea shown sets up, you have a low risk setup to sell, limited risk with a potential target towards 14000.
If the idea is wrong then its a small loss and live to fight another day, but the key to this idea is to see a 3 wave bounce NOT a strong impulsive move that going crazy to the upside, there is a clear setup we are looking for.
Until next time,
Have a profitable week ahead