So there. I have been calling for a bottom since last week and eventually we see the RALLY today. Is this it? Hell No. We will definitely be down tomorrow after these overbought conditions. How much and for how long will depend on the moves tomorrow.
Does this mean, we are NOW in an uptrend.
Yes. For now, the uptrend has resumed. The above indicator will be updated with the latest. Be wary of the fact that this indicator has already gone into oversold zone and there is a potential that it reverses tomorrow and in the subsequent days.
For now, LONG is the right trade.
PS: There is a chance that we develop a solid positive divergence on the above chart and which means the market will tank even harder than it went up. However, there is NO such evidence right now though.
