More of the same: this market is still in thrall to the events of February: 2872 at the top and 2580 at the bottom. Within this context we have just seen two up wavelets. The latter of these has just ended, as indicated by the trendline, followed by, for emphasis, by a power bar down and a gap. As these are short term phenomena it means we are in a down wavelet, duration and strength unknown, but probably constrained by the range. Swing traders will undoubtedly be short, and long term invesors will be gritting their teeth and staying long.
Our personal accounts are long a tad. We won’t be getting any longer as long as this lasts.