Tuesday, March 20, 2012

1420 target

The market corrected today as expected, however since the "W4" to 1340 had 5 impulsive waves down and no zig zag, we could probably assume the same for this W4 with 1397 being the low. But if this wave were to behave they way it is supposed to, then we should see a C wave down to test the Trend Average or the 1390 level tomorrow. There was no way to tell whether the rebounding wave today as a B wave or a W1 of W5 that would target 1420, so we'll just have to see tomorrow morning. I ended selling my SDS position and I will log the trade tomorrow as it's been a hectic last couple of days for me. And I hope the market starts that intermediate W4 correction soon!

1 comment:

  1. Do you still have 4k shares of VXX at $25. Its falling fast. I'm also a trapped long and wondering what you plan to do with that position.