Wednesday, March 14, 2012

More Upside to Come?

Looking at what the market did today it seems like there is more upside to come. I see a regular zig zag for a W4, which implies another impulsive wave as soon as tomorrow to go over 1400. However, W1 is 35 points on the chart so that W4 might be just the for the W3 and if that is the case the target would be 1402 if we assume W3=W1 so there could be a lot more upside if that turns out to be the case. The chart I posted just assumes that W1 will be the longest wave and the most conservative bullish option. There is a roll over on the MACD and the market is as extended as it can be but the pattern and the Trend Avg favors further upside.

I added longs to my position to hedge my VIX positions and trades were logged as follows:


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