When I think short covering I expect this (photo), if not I cant bring myself to call it a Short covering rally. If it would have continued lower it would be, but it didnt so its not! So what is it? and how do you trade it, is the point. Look into the past profiles , if it was a p but not short covering rally, it most often completed the incomplete neutral/ norm var. the next day. I know I said Id drop the subject, but this was one of those "AAAHHHH HHAAA" moments for me and imo gives me edge. No more said.....
Markets are not efficient, rather they are effective - Jones