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Assessment: Definitely a critical point in the markets. Now is usually when the bulls would rush in. The market gets pushed to a critical bearish junction, it gets the bears to believe that indeed the sell-off they have been waiting for is finally coming. Just as the waterfall sell-off is about to begin…the bulls rush, push things back to new short term highs and the bears are left beaten and bloody…questioning their very existence as bears.
The next few days are that point. The bulls have been pushed back. The bears have showed some strength and brought the volume to their selling. In the past the bulls would rush in. So, if come Friday we have not bounced to new highs, it would market a trend and pattern change that the bulls didn’t rush in and beat the shit out of the bears once again. So, let’s see how this week starts and see what we can read in any tea leaves that drop.
Good luck in your trades!