Obviously, it is still lower lows, lower highs pattern, however if we won't retract below trend line, we have a chance for short term rally. I will stay out of market though.
WIG20 has broken the important support of 2006 low (2449) and almost immediately retraced back above this level. We are still below trend line, so we have to wait for few sessions to see if the rally continues.
Unfortunately, selling mutual funds certificates still continues, therefore I expect any rally will be used to get rid of stocks. Please also note oil, which dropped more than 10% this week.
It's too early to say that it will help stock market, however the important uptrend line has been broken. I'm also thinking of shorting the oil.
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