Thursday, September 26, 2013

Market is in waiting mode

The market attempted a counter rally today but got stopped right at the Trend Average. So still waiting to see if the structure is really done with its 5th wave and just starting a bounce or planning to test the 1680-65 level. The market has corrected enough to launch a rally and if there's some sort of resolution to the whole debate in Washington over the budget, the market will be headed to another new high for the year. I guess it all comes down to how the Republicans will vote, considering there will be Congressional elections, my guess is that they will not want to take the blame for a government shut down and damage to the economy. We'll find out soon.

Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors. 

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