Wednesday, August 17, 2011

Sideways Correction?

The market technically started correcting on Tuesday but so far we have not seen significant downside while overbought indicators are resetting themselves for another bullish run. Another way to view this would be to assume the intermediate top was put in today at 1208 but I am not betting on it at this point. In fact, I got out of my hedge at break even so if I don't catch it to the downside, I'll just catch it on the upside. We are after all just looking for the B or W2 corrective wave before seeing a bullish wave that should take us to 1250 more or less (assuming the market stays above the TA).

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