Monday, April 11, 2011

Short term trend turning bearish

Unless we get a close over 1330 tomorrow, the short term trend will officially turn bearish and we should expect a correction of the wave that started at 1249. The count I've been posting is still valid but looking at the trend, I wouldn't bet on it at this point. So if this turns out to be a correction, then I expect the 1290-1300 level to be tested before turning bullish again. If tomorrow turns out to be a bullish day that turns the trend back to positive, then the 1350 target is still a valid possibility for the near future. I continue to hold cash to short at the 1350 level or go long at the first sign of the trend turning positive after the coming correction.

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