The bears are trying to see if it is safe to come back out and play yet.
They have been ripped to shreds since last Wednesday’s bottom and have been no where to be found since then. However, despite the huge bounce, there hasn’t been any significant repairs to the charts and the V-Shape bounce lingers an overdone dead cat bounce.
With that said, I don’t recommend getting heavily short here. If you want a starter position to counter some of the existing longs you have, then so be it, that’s not a bad idea. But slowly dip your toes in the water here if your desire is to get short.
As for me, I actually wouldn’t mind seeing another downturn emerge here. The trade setups are amazing to the short side as you will see from the short setups below.
Here’s the short trade setups to watch:
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