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Published on Oct 26, 2016
During
the day on Wednesday, the market tried to rally but we found the $50
level be far too resistive. By doing so, we ended up turning around in
forming a shooting star, and of course found support at the $49 region.
If we can break down below there, the market should continue to grind to
the downside, perhaps the $47 level, and perhaps even the $43 level
after that. With this being the case, I am much more comfortable selling
based upon the shooting star that form, but I do recognize that the
market breaking above the top of the shooting star would be a reason to
start going long as it would show a significant increase in upward
momentum. Either way, this is a market that you can probably expect to
see a lot of volatility in.
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