Wednesday, November 30, 2011

What a Rally! - Next Target 200 Day MA

I like being right, especially when I am right and making money :) The W2 retracement I was looking for yesterday technically happened after hours and today we woke up to a beautiful rally. I had been posting for weeks, actually for more than a month that the wave that had ended at 1292 needed a proper Fib correction before the market could rally higher. The past few weeks we saw the ABC move from 1292 and the market is finally revealing itself. So I am looking at this move as a potential 200+ point run from 1158 so technically we could see the highs for this year challenged in December. I could be wrong obviously but we're comfortably above the TA and I don't think we will see a test of the TA until we reach the 200 day MA. I am loaded margin long and looking to start locking in some profit soon.

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