Tuesday, April 17, 2012

Bearish trend being challenged

The market decided to rally today and this time there wasn't much selling into it (at least not yet) and in turn invalidating the count I had been following. I try to stick to one count for clarity and I follow the short term trend and it was very bearish until today. The market closed well above the trend average at 1380 and the 50 day ma, so the next test will be the bearish leg after this bullish wave is finished. The market could be putting in a double zig zag or a sideways corrections for minor 4 so we'll just have to see how the next few days unfold.

I hedged and unhedged several times today after the TA breach and I am expecting another push up to 1400? to unhedge again with the expectation of seeing the TA tested.

I'll post trades later today..

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