Thursday, February 10, 2011

Consolidation before another rally?

The market put in another leg down today and tested the rising trend average (1310) as I mentioned on yesterday's post but I decided to change the labels as I think there will be another test of the trend tomorrow. So I think these waves will triangulate or put in a leg down to the 1305-1310 area before launching yet again to the 1350 area. My goal was to cover at the trend today at a small profit but unfortunately I was asleep.. I am in the West Coast and I was up till 3am so by the time the markets opened at 6:30am PST, I was deep asleep so I missed out on some profit. I guess I should buy a loud alarm clock so this stuff never happens again.

But anyway, bottom line is the rising trend is intact so I am assuming higher prices after this correction is done.

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