Wednesday, August 8, 2012

One more push up?

The market took a breather today as expected but it is now in a triangle, which implies this could just be a W4 of the 5th wave. And if this is the case, we should see another bullish leg tomorrow morning. If not, then I expect the market to correct to the trend average at the very least which has now climbed up to 1385. Oscillators have reset enough for a new bull wave so we'll see if the market can challenge 1415 and eventually 1422. I wanted to trade today (short to hedge) but the only chance I had was early morning while I was still sleeping.. oh well.

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

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