Bounce Is Due Soon

Bears out there are getting super excited right now, as we have been down for two days straight after the long weekend.

Monday and Tuesday the bears have come back, but we still have to remember we are longer term bullish, at least until 2013.

Even though the market is taking a rest mid week, what is interesting is the hourly chart. As you can see, in the short term, we are at extremes right now. The hourly chart is suggesting we are very overdone on the downside and we are now in oversold territory. So yes, there could be a bit more downside, however I would be expecting to see some sort of bounce very soon on the market. Probably in the next few days.

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