Monday, May 20, 2013

Will the next correction confirm a top?

The market made it close to the 1675-80 target area I mentioned on my last update today but it seems like there is one more push left before the next correction begins. But what really matters is whether the next correction is just another minor top or "the" top for the entire wave from 1345. Top calling is hard but I think the market is getting close.

I am holding my VXX position as well as my longs. The HSI and the SECC seem to be resuming their uptrends so now it's time for them to play catch up.

Main S&P 500 Trends

Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish 

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