Wednesday, August 29, 2012

S&P 500 to 1450?

The market did not do much again today other than further its correction in time. So I am now expecting the market to launch a wave to challenge 1426 once this sideways moves completes. Fundamentally speaking, I don't think the market should be this high right now but maybe this is just a sign that the economy will be much stronger six months from now? who knows. But if the long term count I posted today is right, then that just might be the case. Based on the length of Wave 1 on the chart, if the bottom for W4 (and so far this is looking like a W4) is already in then we should see W5 end in the 1450+ range. I don't like to trade on long term counts but this is the one that we should keep in mind as long as trends remain bullish.

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

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