It appears for now (anything can change at any time) that algos may try to take the market higher for Monday (remains to be seen since volume is low).
Please see my idea that I posted not long ago stating that upside potential of 2700 and 2792 is possible or a re-test near 2630 (again). While its too early to make any claims, it is still within EW theory to see 2700 and 2792. While I said it was more likely to revisit lows first, the market can trick us from time to time!
Regardless of Monday's action and what not, we will still revisit the lows as a result of the wide market gap from March 24th. Therefore, no one should be buying regardless of any algorithmic bounce. As I have said numerous types, scalping is a useful tool during these times but longs should be avoided.
The market can act irrationally in bear markets as we have seen and Monday may be another example of this if the market does finish in the green.
Again, while I don't give specific financial advice, I do not recommend longs until we see the reaction of the re-test on the market lows which should come sooner than later.
- zSplit