Wednesday, November 6, 2013

Rising Wedge?

The market came within couple of points of making a new all time high on the SP500 but then retreated quite a bit and now it looks like there is a chance a Rising Wedge or an Ending Diagonal (in Elliott Wave terms) might be playing out, which would support a 5th wave in the count. If the pattern does turn out to be a rising wedge then the new high might just be marginally higher (if W5=W1 then 1780) and we will then see a correction. I will buy back the VXX at a new high hopefully.

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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