Wednesday, July 6, 2011

One more rally..

The market continued to consolidate today and now it has corrected enough in time to launch another bullish wave. Going by the count I have and what seems to be like an Ascending Triangle, the 1350 level might be reached on the next bullish wave so my plan is to go net short around that level (I'm current hedged as of 1332). And once we finalize this wave, I think we will at least test the 50 day DMA sometime next week.

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