The market is almost done with W1 of minor 5 and I am expecting a correction that will test the Trend Average (1319)/50 day MA (1316) in the next couple of sessions. There are some EW analysts who are calling for a sub-1300 low before launching the minor 5 wave but I am personally inclined to think that we are already in it. I shorted (to hedge) at 1328 and will be covering and going long on margin when these trend lines get tested. The debt ceiling agreement might be the catalyst for a huge rally.. we'll see.
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