Tuesday, November 19, 2013

Market Update

The market continued its correction today and if the bottom holds today, the structure could end around 1811 if W5=W1 which goes in line with a number I posted about two weeks ago as the alternative:

if I break down the "stand alone W3" and pick what I see as W1 then the projection is 1810-15 and if I add W1 points (66) to the low yesterday we get 1812.

So let's see if tomorrow will bring the last wave of the structure and push for a new all time high. I ended up selling VXX once I saw the 1785 level hit in the morning and I will be buying back hopefully at the new high.

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. 

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