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.Even with a mildly bearish day the market does seem to have made a significant short term bottom on Monday.
In technical terms, today was a nothing day. The suggested stops for yesterday have still held.
Looking at the negative aspects first, if the stops suggested for yesterday are violated, then we may see extended bearishness. The previous swing bottom of 4468 may be tested.
Now looking at the positive aspects. The previous swing tops still to be violated. I would wait to see the short term tops of ~4800, ~4900 and ~4980 to be unequivocally violated, and then declare myself as a wholesale bull. Till then I would remain a cautious hedged bull.
Short term traders may keep their stops at ~4627. Long term traders may also retain their stops at 4627.
Trade happy after planning your trade.
