Thursday, September 27, 2012

50 Day Moving Average ?

I just realized the post I wrote for yesterday was never published. My starbucks wifi connection stalled so I am going to blame it on that.. anyhow, the market seems to have put in a W3 bottom yesterday and today we saw a W4 counter rally. And if this pattern turns out correct, we should see a W5 bearish wave and see a lower low. What I am watching for is the test of the 50 day ma, which doesn't seem likely with this wave structure. That would be a great level to close my hedge but I'll probably start locking on profit when if this bearish 5th wave appears.

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