The daily downtrend 8 MA could turn up already on Friday making a small rally big all the way up to the falling 21 MA. The two hour trends are all up. Technically the daily bottom formations that has been built this week are ready for an upward move.
There is currently now fundamental facts that could support a strong rally on upside but the very oversold situation is enough in itself.
Asia has started to lift the US indexes further up with gaps and the European indexes are close to or have broken the rising 200 day MA.
The move for Friday is difficult to predict exactly but my warning is for the upside despite the daily MA:s are pointing down. Personally I would not hold short positions right now but wait and follow the markets from Europe opening.
The EURO takes new lows in Asia but the GOLD has built a bottom formation that is ready for upside. OIL trend is still down.
There is currently now fundamental facts that could support a strong rally on upside but the very oversold situation is enough in itself.
Asia has started to lift the US indexes further up with gaps and the European indexes are close to or have broken the rising 200 day MA.
The move for Friday is difficult to predict exactly but my warning is for the upside despite the daily MA:s are pointing down. Personally I would not hold short positions right now but wait and follow the markets from Europe opening.
The EURO takes new lows in Asia but the GOLD has built a bottom formation that is ready for upside. OIL trend is still down.
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