Weekly MA tested, what's next?
updated from 
(29 oct) that was saying: P500 retest 52w low, next support if broken: Weekly MA 200.
We've now tested and bounced on Weekly MA 200. Most likely market will remain extrmely volatile.
We will retest MA200 W shortly after:
1) failing to produce a higher high on daily or 4 hours
2) failing to go above resistance 2534.
Question is more about if the next move is about procuding a healthy double bottom or if down we go more (with another -7% for next support zone, and entering in a real bear market).
in the first version of the fail IMO it makes it more likely we go below.
in the second version it's doable to produce an healthy double bounce.
all in all, we need to retest the new low / MA200 W. The only question is what's next.
In this situation I prefere to long gold, since it has a setup bullish and will most likely profit from the situation, while play with volatile markets are harder. Thought I will open short on companies like FB, if we produce a higher high and we go test the 2534 resistance.
Open short 2530 close around weekly MA 200 or close 2600 if we go above.
We've now tested and bounced on Weekly MA 200. Most likely market will remain extrmely volatile.
We will retest MA200 W shortly after:
1) failing to produce a higher high on daily or 4 hours
2) failing to go above resistance 2534.
Question is more about if the next move is about procuding a healthy double bottom or if down we go more (with another -7% for next support zone, and entering in a real bear market).
in the first version of the fail IMO it makes it more likely we go below.
in the second version it's doable to produce an healthy double bounce.
all in all, we need to retest the new low / MA200 W. The only question is what's next.
In this situation I prefere to long gold, since it has a setup bullish and will most likely profit from the situation, while play with volatile markets are harder. Thought I will open short on companies like FB, if we produce a higher high and we go test the 2534 resistance.
Open short 2530 close around weekly MA 200 or close 2600 if we go above.
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