Not much change since last time
‘if not short already look to sell in the next leg of the corrections in the 17238/17668 . Place stops above the December high at 18400. Until that level breaks we remain on alert for new lows to complete last years brutal correction before the next leg to new highs get underway.’
This morning we traded to 17250 enabling us to sell , however looking at the short term count it looks like we should have one more new high in the 17450-17668 area where we would add to shorts with stops remaining at last weeks level.
Last time I said
‘Given the tight range I believe we will have another leg higher to complete the correction above the 1235 high. Look to sell in the 1250/1276 area with stops above 1360. As the last update a close below 1150 should confirm wave (3) lower is underway and see an acceleration to the downside.’
We have traded higher currently testing the 76.4% retracement level. Whilst below 1352 we remain bearish and are looking for an immanent sell off if correct then we should see a sharp drop through the 1150 level. A move higher will put a more bullish view into play.