Friday, June 8, 2012

Trend is confirmed bullish

The market seems like it is trying to put in a 5th wave but it is impossible to tell. What is clear at the moment is that the trend is bullish and the market will probably try to test the trend average on the next correction. The higher it goes the less likely 1298 will be re-visited so we'll see early next week if we get that right shoulder on the potential Inverse Head and Shoulders. One interesting factor during these past few weeks is the lack of panic among traders, the VIX has not come close to the levels seen last summer which helps support the case of a correction within a bull market. So no need to find the trend.. I've been long for a few weeks and will start shorting only to hedge once we start seeing buying mania again (and mark my words, those days are coming again.. they always do).

Have a great weekend!

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