Thursday, August 18, 2011

Correction target met

On Monday I speculated we would see a correction to the 1150's and up until yesterday the market didn't seem like it wanted to give up gains. But the market more than made up for lack of bearish progress today by going right through the TA and the 1150 area in a very bearish day. So what remains to be seen at this time is how the next bullish wave will behave which could come as soon as tomorrow or Monday. I am expecting the market to get back over the TA in a strong bullish wave as long as 1118 or the 1101 low is respected. Some people expect the market to test the 1101 low and perhaps break it but it's too early to tell imo. This bearish wave was expected after all but it must not breach support if we are to see 1200+. To my luck I covered my hedge yesterday so now I'm trying to catch the wave to the upside and I managed a small profit today to better my position. Ideally, we should see today's low tested tomorrow and then reverse.. we'll see.

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