Monday, September 10, 2012

Wave IV consolidation

The market seems to have put it the top for Wave 3 earlier in the day and now we are in Wave 4 until proven otherwise. The market could consolidate sideways or could trend down but not violate the W1 peak before launching on the final W5. The obvious catalyst is the Fed, so we'll see what they say about Q3. The next wave should be the final bullish wave before a more substantial correction, the question is if it plans to extend or not. We shall see..

Long Term Portfolio: 100% Long
Short Term Trading Strategy: Shorting intraday extremes, closing same day

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