Thursday, April 26, 2012

Short term trend confirmed bullish

Seems like the bulls have managed to reverse the trend by putting in a solid 5 wave move from what now seems like a double bottom. And unless there is something really negative for the markets, I think we are seeing a new impulse to new highs after this period of consolidation. My call for 1297 seems wrong at this moment so I'll just assume the market bottomed at 1357 for a W4 minor. It would have been nice to get a deeper pullback but this is how the market is, it does whatever it wants. However, rest assured that we will see the wave that started at 1157 get a proper Fib retracement by the time minor 5th is put in. So for trades, I am hedging my VIX positions at the test of the trend average and also will be taking profits from my short initiated at 1401 today. I'll log the trade when I lock in profits, hopefully tomorrow or Monday?

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