Market Update

The market bounced somewhat today and I am not sure if prices will come down to the TA or the TA will end up catching up to the market as we have seen in strong rallies this year. The market does need to consolidate gains so it will do so in price or in time before resuming another bullish leg to a new high. As it is the market has already come within 2% of the 1790 target I had in May, so in looking at the overall waves the market might be reaching a point where there will be a much longer correction than we have seen in recent months. But given the most recent wave counts, this market is free to extend so no point in trying to guess the top.

I ended up buying back GXC since there's some sort of liquidity concerns in China but it's the same old story. China is interesting in the sense that all the money that disappeared from the stock market went straight into real estate, prices in relation to rental income are completely out of proportion. So it's just a matter of time where all that RE money will come back to the stock market. Yours truly is making a huge bet on it..

Short Term Trend = Bullish
Medium Term Trend = Bullish

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.