Tuesday, May 3, 2011

Correction target met

The market tested the TA and the lower rising channel trend and I think this particular correction is now over. If this count is correct then we will see new highs in a few days to finish what looks like the W1 of a bullish W3 that started at 1294. I went long today at 1350 and will be using the rising TA as my stop if it is breached at any point. I also will sit down and calculate a target for May, which gets a bit more complicated as there is a coming correction of the wave from 1294 once this final impulse is over. But for now, I'd say it looks like we're going to have a very bullish year as long as the market keeps above the trend averages.

No comments:

Post a Comment