Tuesday, January 17, 2012

Correction is coming

So the market finally made it to 1300 after trying for a few days but it wasn't able to hold gains. Technically speaking, today's is enough to finish the rise from 1203, however, I notice a potential inverted head and shoulders on the 5th wave so the market might run up some more. The Trend Average is at 1287 and the market should roll over soon, it's been a somewhat long bullish wave (time wise) and what really matters is not where the top of this wave is but the bottom of the coming bearish wave. I am technically all cash now and waiting for the bearish wave to go long or an extended jump 40 points above the TA to go short.

No comments:

Post a Comment