Thursday, June 2, 2011

Bearish Trend Reinforced BUT...

The market made another lower low today and in turn confirming the bearish trend. However, I think we will now see a rally to the TA tomorrow or the next session. And given the fact there is a lot of bearishness now, I am inclined to think we are closer to the bottom. Also, the market patterns so far indicate this is a correction and not a sell off. In fact, the entire month of May looks like a double zig zag to me that is completed or about to be completed. Obviously, it's harder to predict a bullish wave when the market is under the TA so we'll just let the market speak for itself once it reached the TA which is at 1324.

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