Tuesday, July 5, 2011

1345 Target

The market had a bearish MACD cross today that doesn't really show on tape, which is typical of a W4. So I am expecting the market to correct a bit more and then launch another leg to challenge 1345. Ideally, the market should retrace to the 1325 area before doing this last leg but it's hard to tell at this point. I continue with my hedge and plan to either go net short at 1345 (or at a morning spike near that level) with a tight stop or cover my hedge at the TA. Whichever comes first, it's fine with me but the main plan is to re-margin at the next successful test of the TA and ride this bullish wave to 1400.

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