Finally the correction seems to have started so now we can start anticipating at which level the correction will end. Technically speaking, this wave has the liberty to go all the way down to 1075 and still be considered bullish. However, the level I am looking to is 1150 as the most probably support level. If that doesn't hold then we might get the 1120-1130 level I had originally speculated on. Whatever it is, the market should put in a higher low and put in a huge rally to the 200 day MA and possible 1300. And my strategy will be to cover my 1183 short and then go leveraged long until this target is hit. Using of course the TA as my primary guide for positioning in the market.
And this next time I am going to test the FTA against the TA to see if I can accurately call the bottom (or come close to it). I believe the TA system has proven itself in the last couple of months as a very strong tool to position oneself in the market. My main challenge has been the timing of market turns, so maybe this is the answer to my long quest in finding a system that works for traders like me. I've been working on this for over two years so maybe this will be it.
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