Tuesday, January 7, 2014

Market Update

The market has recaptured the Trend Average and it looks like an bullish impulsive W1 is being formed. Once I see a 5 wave structure on that potential W1, I'll be able to make some projections which will without much doubt make a new all time high. As it is there is an Inverse Head and Shoulders targeting 1854. That bearish micro wave breaking out of the Triangle yesterday was indeed a non-impulsive wave despite making a lower low and I am glad I was able to catch it and sell the VXX I had, which sold off today. I just wished my longs were doing better but once I exit the position I will go with XIV and just use that as my short term long for the rest of the year.

Short Term Trend = Bullish trend being challenged
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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