These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.
Today was an ideal buying opportunity, both for short term and longer term traders. The market behaved, giving us a buy signal, as was suggested on Friday.
The market gapped through the previous swing tops, and then corrected enough to take support at the same precise level.
Short term traders could now do well to raise their stop to the 5385 level to lock in loss of capital. Longer term traders could wait for a close below 5385.
If in the next few days, this gap is left open, we could be seeing a short term runaway gap, which signals an extremely bullish scenario for the market.
Trade happy after planning your trade.
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