Wednesday, July 13, 2011

B or W2 Wave

The market managed to bounce and put in a higher high in the process and it seems to me like that wave could be an A or an W1. And the market closed just above the 50 day ma again in a B or W2 so how the market reacts tomorrow will be telling. I expect the market to out in a higher low before resuming another bullish wave. However, looking at the MACD indicator, it looks like there is more downside to come overnight/tomorrow and I am hoping market support will hold. I entered a 200% position again at the close at 1316 and hoping this time I'll be able to catch the C or better yet a W3 wave. Yesterday I got stopped out by 1 point in the last minute of trading and missed out today's rally.. so maybe not this time. I am expecting the TA, currently at 1333, to be challenged again. If the market can close above it, then chances are it is a W3 wave.

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