Tuesday, August 30, 2011

Rising Wedge

The market has a Rising Wedge pattern and a correction should start in the next couple of sessions, most likely tomorrow. I am assuming a correction will test the TA, if it doesn't then probably we will see more upside before an actual test of the trend. But the bottom line is that the market is aiming for the 50 day MA and any pullback will be an opportunity to buy. However, the market has a long way to go in order to be in a position to challenge this year's high.

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