📊Short Market Report📊
Market showed its cracks by the steady bearish move it took on Friday. I was confident that 17200 was not to be broken. But it closed 4 points below that. Still 17000 is the next string support. Bulls are confident that 17000 will not be broken. They were also confident that 17500 would be broken on the upside. So, we need to analyse things based on reality and not on speculation.
Reality is that Dow Futures tested a critical level and S&P 500 might be going to test its critical level on the down side. Cryptocurrency market plummeted but capitulation made ita bounce back (would explain later about capitulation). So, all in all cues are not good. We are also traveling along a correction wave. So in short term maintain bearish bias.
Please take note that since November 8th the bearishness I am talking about is not pointing towards a bear market. I am merely talking about a correction which is already happening. Bear market needs some confirmations which have not been confirmed yet and current analysis doesn't point towards a bear market yet.
Trading Ideas: Short only if 17000 is decisively broken. Upto 16800 you can trade where you should cover your shorts and exit positions. After that market can go both ways. 16740 is still out critical level which will determine the extent of this correction phase.
Market showed its cracks by the steady bearish move it took on Friday. I was confident that 17200 was not to be broken. But it closed 4 points below that. Still 17000 is the next string support. Bulls are confident that 17000 will not be broken. They were also confident that 17500 would be broken on the upside. So, we need to analyse things based on reality and not on speculation.
Reality is that Dow Futures tested a critical level and S&P 500 might be going to test its critical level on the down side. Cryptocurrency market plummeted but capitulation made ita bounce back (would explain later about capitulation). So, all in all cues are not good. We are also traveling along a correction wave. So in short term maintain bearish bias.
Please take note that since November 8th the bearishness I am talking about is not pointing towards a bear market. I am merely talking about a correction which is already happening. Bear market needs some confirmations which have not been confirmed yet and current analysis doesn't point towards a bear market yet.
Trading Ideas: Short only if 17000 is decisively broken. Upto 16800 you can trade where you should cover your shorts and exit positions. After that market can go both ways. 16740 is still out critical level which will determine the extent of this correction phase.
