Monday, May 9, 2011

Bullish Setup?

The market seems to be consolidating at this point as it keeps making higher lows. However, the close is still below the TA so the market could well be just taking a breather on further selling. But given the overall intermediate pattern of the Inverse H&S and the triangle breakout, I think we are going to resume the bullish wave as long as the market respects the higher lows and overcomes the TA. I already have long positions in place and will add as soon as the TA becomes positive again (right now is neutral-bearish).

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