Looking at the near term we see that we received short term buy signals late last week for the CCI and the envelope channels. I expect that signal is good for the next 3 or so trading days until the 11 day cycle tops. The we will have the 11 day and 34 day cycles down thru the remainder of the week.
So if you have a short term swing trade on watch the market closely for a turn before Thursday (and tighten your stops by mid-week). Overall we should see upside bias (target under 1230 - see chart) first part of the week and then a reversal last couple of days of the week. Mid-week may present an opportunity to buy an inverse ETF?
Here is a chart:
GL traders, proceed with care and do your own analysis.
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