We're now net bull bias - but a short is probably coming.
Next dip I'd suspect to be a great buy.
Market is moving quite fast.
I’ll do a follow up post to this with more detail but here’s a brief version.
Market is making a bull break as per the conditions given. This extreme up when the resistance is defeated is quite common to see. Usually this is going to end somewhere around the 86 fib (4600) and we’re going to crash (And it will be crash like - it should bring in new bears) back to the previous break level.
Somewhere a bit under 4500 we usually have the optimal buy. Very risky to long around 4600. Shorts around 4600 have good odds. Probably better to wait for some rejection candles to get tighter stops. Over 4650 would be a max stop level for bears in this set up.
Edit: 4630 is resistance. No point shorting before 4630. And also it will probably takes a while for a short to set up. Might as well be patient and see what happens if we get there.
It should go without saying to be careful shorting into this type of action, but 4600 is a really good resis level for a sell. Even in most uptrends, a sell comes there.
Full analysis version soon.