Wednesday, October 30, 2013


The correction I had been expecting started today and obviously we now need to see what degree of a correction this will be. But as you know I enjoy projecting targets so if what we saw today was part of a micro 5 wave count, then I have 1750-55 as the target for the first leg which I will label "a". I am looking for 1740 as support for the entire correction, so perhaps that will get tested on the "c" wave. I'll probably take some VXX profit at around the TA and will be buying back on the bounce.

Short Term Trend = Bullish
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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