Another day, another all time high.. seems like the norm now days. However, this new high might not be revisited for some time if this is a significant correction. The market made it to the target range I had from last week by topping at 1674.93 and there are now enough waves to complete the 5 wave count I've been tracking. The only thing that I find odd looking is the 4th wave as it looks disproportionate to the 2nd wave but everything else looks fine. The last time I saw 4th wave looking like that ended up being a W2, so any bullish pattern developing should be respected as it could turn out to a big bullish 5 wave count targeting 1702-1712. But for now, I am assuming another correction has begun and we will see the 1662 tested first. A bounce from there and then an eventual break of 1662 would leave the 1650 as the next one to watch.
My VXX position was looking good at the end of the day and I will be taking profits at the 1662 level and position trade it perhaps on a bounce that challenges 1670 again? If I am able to improve my costs substantially I will trade it less as I believe we are close to a top and would hate to miss a big run.
Main S&P 500 Trends
Short Term Trend = BullishMedium Term Trend = Bullish
Long Term Trend = Bullish