Tuesday, December 6, 2011

Sideways Correction?

The market challenged yesterday's high again today and unless it drops hard from here, this is starting to look more like a sideways correction/consolidation before another hard push up. That would change the labeling of the wave structure and the estimated downside on the correction so I am watching how the next wave unfolds. I said couple of days ago that if the market made another push up I would probably sell all my longs so we'll see how far up it goes IF it happens. As a general rule, if the market were to go up 90 points above the TA I will sell everything automatically and wait for the TA test to re-enter.

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