When you're not sure which way the market will go, short defensively and buy some way OTM calls. This way if you're wrong, you'll still have calls. normal this could be done at the bottom of a bear run, but you can also do this when the trend is in the middle and you're not sure which way it will go.
How to short defensively? I would say you should not add any positions while it goes down, and start taking profits on each 5% rise.
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