Thursday, January 20, 2011

Market Sell Off Coming Soon

The market ended up going down more before the Fib retrace and now it has finally closed under the trend average at just barely underneath it by 1 point. In order for the bearish wave to start, we need to see a strong sell off (1% plus) under the trend average or at least keep closing under 1281. However, if the market maintains strength at this level and starts to close above the average then we will likely test the high and possibly put in a new high. As it is right now, we need confirmation to call 1296 the intermediate top. Odds are imo the correction has started but I still have my longs just in case.

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