Friday, April 26, 2013

Potential Cup and Handle Pattern

Market started its retrace as I had been expecting and so far it is looking like the Trend Average will hold. And if that is the case then there is a good chance we will see another all time high next week or early May. There is also a potential cup and handle pattern, which will targets 1658 if the "handle" is completed and the market breaks out. This all lines up well with the 5th wave completion of a III and a summer correction.

I ended up position trading VXX again and improved it by a few cents so that trade is looking good so far. It is up almost 3% from my net price but the index is actually 4 points higher from where I bought it (1578). Goes to show how volatile/crazy this ETF is. Hopefully, we'll see the TA tested early next week and I will be closing out the position.

Have a Great Weekend!

Main S&P 500 Trends

Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish 

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