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Wednesday, August 12, 2015

Market Forecast for Thurs

According to the technicals, the market is going to have a up day on Thursday. However the headline overnight here is

China central bank tries to soothe global markets, says no basis for yuan to fall further

This tells me that the markets are going to figure that the drop is already priced in, China is done with the devaluation, and the markets are gonna hop back.
Lets look at the chart:

As you can see there is a strong white long candle with a long tail underneath signaling bottom.
So: for tomorrow look for an up day.

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