Monday, July 25, 2011

More Selling to Come

The market started the correction as I had been anticipating and it looks like there will be more selling tomorrow. The waves are aligned in a bearish 1-2 set up, so we'll see what morning brings. The market is still above the TA so there is nothing bearish as far as trend indicator goes. However, going by wave structure, TA tools, and the fact the government is deadlocked only helps the bearish wave. And as long as 1295 doesn't get breached, we should see a strong bullish wave after this correction is done.

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