Thursday, October 31, 2013

TA being tested

The market tested the Trend Average as I had been expecting and bounced right off and I suspect the low today at 1755 was the end of the micro 5 count I had been tracking. So if we don't see another counter rally high tomorrow and today's lows break then I expect 1747 to provide support and then 1740 if that level fails. My plan was to sell VXX at the TA test but I was asleep, so I'll wait for the C wave to come to test the levels I mentioned to pick up some profit. I just hope the micro 5 to 1755 was "the" correction as I've seen several 5 wave W4's this year already.

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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