Sunday, August 28, 2011

Short Term Confirmed Bullish but..

The short term trend turned bullish on Friday by closing again over the Trend Average. The only issue I have is the triangle pattern in place and the possibility of this triangle being a W4 of the bearish wave that started on July 28th. I'd be more confident of this buy signal if prices break out of the pattern or 1208. Fundamentally speaking, the lack of action by the Feds and the announce of slowing GDP growth limits the upside to the market.. but we'll see tomorrow what are the market's plan. I kept my hedge over the weekend.

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