Wednesday, March 23, 2011

Possible Ascending Triangle = 1315

The market retraced into what I originally labeled as W1 so that count is out. However, the market continues to point for more upside before any meaningful reversal. Today's bullish reversal from the early sell off is setting off a potential Ascending Triangle targeting 1315, where the gap is. So I expect a bullish end of the week and then we'll see if the past few weeks was a correction or just the first phase of a much larger sell off. I am waiting for further upside before shorting. Also, the TA is turning positive so the market needs to resume selling if the bearish trendline is to continue.

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