Thursday, August 2, 2012

Coming Bullish Wave

So the 5th wave rally I had been expecting failed to materialize after the FOMC and ECB meetings and instead we got somewhat of a sell off today. However, the market recuperated and bounced back to close right on the trend average. So it is premature to assume some sort of top is in as I have been reading on the web, the trend continues to go up and the coming bullish wave should gives us an idea if the correction is over by making higher highs. The wave count actually still stays the same using wave counting rules since W4 has not gone into W1 but the structure looks off with those labels, so I will see what comes next and label accordingly to avoid a bunch of different counts that might just create confusion.

Long Term Portfolio: 100% Long
Short Term Trading Strategy: Shorting intraday extremes, closing same day

No comments:

Post a Comment