Friday, March 23, 2012

Potential trend change next week

The market made a lower low today and it closed under the Trend Average for the second day in a row, which usually confirms a trend change. However, because the trend is still rising, the market's trend change is not confirmed until it starts going down. so next week will be key for this wave, we go up in one last impulsive wave to challenge 1414 or we gap down/sell off Monday as I see a nested 1-2 set up. I favor some more upside given the fact that it is the end of the quarter and portfolio managers will be window dressing and the sell off to start early April. So we'll see..

Hope we get that sell off soon, my VIX positions need it!! Have a great weekend.

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