Wednesday, October 23, 2013

TA Test?

I just got off the plane couple of hours ago but wanted to get this uploaded before getting some rest. Basically, that stand alone W3 is still in play and I think these is a good chance this wave will resemble the wave from January. So I think the TA might get tested but will continue to hold until we get higher highs to satisfy a 5 count. And yes I know many think these market levels are unsustainable and what not but I've heard the same thing since the 1000's (and we are at 1700's!!), so best is to stay with the trend and the let charts speak for themselves.

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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