Tuesday, December 17, 2013

One more TA test?

One thing I forgot to add yesterday was the possibility of the corrective wave that showed up today being a B wave, so we have to keep an eye on another high and then the possible scenarios I posted yesterday. It would have been better if the wave from yesterday finished a 5 count but instead it put in a zig zag to higher low at 1777 and if the labels I put on are correct, we should see a bullish wave to 1797. Whether or not the market will be able to stay above the TA is another question, we'll just have to wait and see. I didn't trade today as I am looking for a set up, if we get close to 1797 or if support gets tested again then I'll initiate positions. Christmas is coming soon but Santa might not be coming this year if the market fails to gain bullish traction in the next few sessions.

Short Term Trend = Bearish
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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