Monday, July 2, 2012

1378-88 target?

The market continued its W3 advance and from what I see on the minute chart it seems like we'll see the W4 in the next session or two. If the trend average holds then I expect the 1378-88 area to be challenged. Ideally this bullish wave would top there as that is the upper band of the bullish channel from the 1266 low so we'll see how the W4 evolves. And as long as the trend average holds I expect the 1422 high to be broken eventually as the intermediate trend should change to the bullish side in the next couple of sessions. So unless the trend signals get whipsawed, enjoy the ride! And again, wave counts, divergences, etc. are fun but the trend is clearly up so don't get run over if you are short. I know the end of the world is coming soon (With the US collapsing, China imploding, Europe disintegrating, etc.) according to some people but yours truly has been and is staying long.

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