Thursday, July 14, 2011

W4 correction in progress

The market continued its volatility today and it closed under the 50 day ma, which in itself is bearish. However, the market continues to oscillate within a W4 correction territory so I will continue to assume there will continuation to the rally that started a few weeks ago. The fundamental picture is clouded with doubt over the debt ceiling, European debt, etc. And as soon as there is a positive (as positive as it can get obviously), it will serve as an excuse for a substantial rally. For now, the market is under the TA and the short term is bearish. I had a trigger error today and got stuck with my margin position (I put in 1117 as the stop instead of 1317..) so I am hoping for a bullish wave tomorrow or Monday. Also, is worth mentioning that 1298 is the line in the sand for this W4.

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