Wednesday, March 21, 2012

W5 this week

The market started to triangulate today and one could interpret this as a B wave with a C wave still to come to test 1390 or W4 triangle that is getting ready to break out to the upside and challenge the 1414 high. Whatever the case, it appears there is a 5th wave left in the formation so I am assuming we'll see 1420. The trend average is at 1395 and rising and it's quite possible to get another 30 point gap from the TA before the market finally (and I do hope finally!) starts a substantial correction.

I bought some SSO in anticipation of a bullish wave so trades were logged as follows;


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