Sunday, July 31, 2011

Monday Rally

The market tested the 200 day ma and in the process invalidated the W1 intermediate count I had. The structure now favors the point E of an triangle, which means the 5th minor wave should now start. I was really tempted to add to longs at the 200 day ma but I decided not to as the debt issue is an unusual circumstance. What I will probably do is load up at the 50 day which stands at 1312 and use it as a stop once the TA gets reached. The TA btw is sitting at 1323 so it might take a day or two to get there before a pullback to the 50 day ma. I am glad they managed to agree on something at last!

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