The minute wave count I had yesterday was off in that I thought it was a complete 5 wave count, instead it turned out to be a bullish W1-2 nested count so we got the W3 today and the fade can be counted as a W4. So too bad I sold my XIV yesterday (I still made a nice profit so technically I shouldn't be complaining) but at the same time the strength shown today proved my point of people jumping in at the 50 day ma, so I am leaning towards this wave being a bullish W1 of a count that will make new highs for the year. The market closed comfortably above the trend average and a successful test of TA on the retrace would further cement the 5 wave bullish count. Also it would be hard to reconcile emerging markets rallying if the US market is going for the 200 day ma.. we'll find out soon.
I will also post a long term count later today. As you already know, I don't trade long term counts but it'd be interesting to keep the scenario I will present in mind as this could literally change our lives if we invest in the markets at the right time.. stay tuned and don't forget to contribute to my coffee fund by checking out sponsors you find appealing :)
Long Term Portfolio: 100% Long (Emerging Markets Only)
Short Term Trading Strategy: Closed XIV @17.78 as of 10/15 - Bought XIV @17.33 as of 10/12. Selling and hedging longs depending on how the market trades around the Trend Average test which is coming soon.
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