Wednesday, May 28, 2014

Stock Market Update - May 28

The market made a marginal new all time intraday high and I'm looking at 1902 as the target for W4. Another wave around the same length as W1 and the market should be in the 1920's and ready for a stronger correction. The question of course is whether we will a substantial correction to the 200 DMA at the very least or just another test of the Trend Average or 50 DMA and see new all time highs again. I will probably buy some longs around the 1902 level with a short stop and then hopefully buy back my short position if the scenario I described materializes.
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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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