Thursday, June 21, 2012

Change of trend?

The market failed to put in the 5th leg I had been expecting and now it looks like the wave move up to 1363 was already complete. The 50 day MA and the trend average both failed to hold and if the coming bounce does does to push the market above the Trend Average then the trend will change to the bearish side. We just have to see how convincing the bounce is, if we see hesitation in the market at the TA/50 day MA then we are probably going to test the 1305 level again. I am holding long until there is a confirmed trend change.

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