Wednesday, January 15, 2014

All Time High

I don't usually get surprised by the market but I have to admit I didn't see this one coming despite having labeled the drop to 1818 a C wave. I figured there would be some sort of hesitation before a bounce or a rally but I guess it just goes to show there are some desperate bulls out there buying every single dip. In fact, I can't really remember a similar situation where a sharp sell off waves gets answered with a sharp rally on NO news. But it is what it is and I welcome whatever the market wants to throw at us. The Trend Average was obviously whipsawed and the trend is now back to green after spending just one day in red. Luckily for me, the VXX I bought yesterday was actually profitable today but I figured I'll just take profit when we get a correction to the TA. You can't really see the micro count on the 30 minute chart I posted but there are 4 waves completed so far and perhaps there will be one last push in pre-market or tomorrow before the market goes into a correction.

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. 

No comments:

Post a Comment