Wednesday, December 21, 2011

Short Term Confirmed Bullish

Prices closed above the TA again and now the short term trend has turned bullish.
The market tested the TA today as I indicated on yesterday's post but I am not 100% sure if the low was a W2 or a W4 of W1. Ideally, I'd like to see W2 correct to the Fib retracement area so we should know in the next couple of sessions. Whatever the wave label, the bottom line is that the market is going to challenge the 200 day MA next at 1259. Once that breaks AND holds, it will most likely be a bullfest.

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