Thursday, July 7, 2011

Bullish wave is about done

The market put in another bullish leg as I had been expecting and not only reaching 1350 but surpassing it with no problem. The 1345 level which I initially thought important was no obstacle to bulls, however getting over 1360 is going to take a bit of stretching so I guess we'll see in the next couple of sessions if there is enough in the bull tank. I wanted to go short at 1350 originally as that was my target but after seeing the substantial gap today, I decided to wait for the waves to clear themselves. And what I see now is that this 5th leg is done or about to be done with one more push towards the 1360 resistance. If there is that push tomorrow morning, I will take the plunge in shorting this leg of the market. I normally would not short a bullish trend like this but the market has a sign on its forehead that reads SHORT if I get to And at any rate, my stop would be 1361 so is not like I would be losing much if the trade goes against me.

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