Tuesday, July 9, 2013

Expecting W4 Correction

The IHS target I had from last week was met today as I had been expecting from the micro count yesterday and the W3 seems to have finalized at the 1654 high today. But should the market break this resistance, the next stop will be 1661 but for now I lean towards the start of a W4 correction starting as soon as tomorrow to 1637 more or less and then a final W5 to 1660's. I wonder sometimes what are the odds of predicting these market moves without the help of wave counts, I assume without wave counting it'd be extremely difficult to be consistently profitable as a short term trader as there is nothing that can project levels as accurately in my experience. So if you are a mathematician feel free to calculate the odds as I'm actually very curious about the comparison.

Anyway, I am position trading my FXI and went short at 1649 early morning. My automated triggers at TD Ameritrade are disabled for some reason so I had to trade before going back to sleep. Hopefully we'll get the pullback tomorrow for a quick buck :)

Main S&P 500 Trends*

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

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

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