Friday’s action exhibited potential reversal behaviour while the OVI for the main three indices remained negative.
The green hollow price bar means potential respite for the markets, but the continued negative OVI means I remain cautious in terms of my ‘guided discretionary’ trading.
I observe a number of flag-like structures and the bear flags are still trumping the bull flags by some way right now. That can change quickly and I’ll keep you informed.
Right now my outlook is we’ll get some respite for now, but there are still medium term reasons for caution.
