The market attempted to make a run towards the 200 day ma at 1265 and it almost got there in the W5 I was posted about yesterday. So I see now a 5 wave structure complete and the correction has started. Ideally, the corrective wave would take the market down to the 1197-1221 area before launching another rally to 1300+. Alternatively, the market could trade sideways to consolidate and then go to the 1300's. Whatever the case, December should a good month for stocks. I used the early morning rally to take profit on all margin positions and will be buying everything back at the test of the TA hopefully next week? I am hoping to see a big rally, sell all positions and end the year in cash. We shall see..
Also, today I updated the TA signal which should have been updated couple of days ago. The return of this signal since July is 31% without leverage, an amazing return if you think about it..
Have a great weekend!
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