The share market may have struck a bottom today. We had noted in our report yesterday this was a bottoming date of interest coinciding with several cycles and our algorithm. If we have follow through tomorrow morning you can expect a test of the 10 day moving average before a pullback. It’s highly unlikely it will move past that level without some backfilling. Within a short period of time we are expecting a significant relief rally with big profit potential to form alongside this 1 to 2 month low. We already have the VIX volatility index retreating which is normally one of the first signals you will see before A sustained bounce is about to occur.
We got the P-wave bounce we were looking for today in the metals. Some possible follow through into early tomorrow morning may occur. We anticipate a sharp decline to occur shortly. We have marked our buy zone for our accounts based on The Forecast’s algorithms. This bottom should form over the new few weeks.
We remain out of the volatile oil market as there are too many variables to consider with the ongoing price war between Saudi Arabia and Russia. Trading it at this time is gambling.