Monday, November 18, 2013

Almost there?

The 1800 level I was speculating about last week was reached today but there seems to be one more push up before a higher degree correction. So for now I will be looking at the resumption of the rally tomorrow or further downside to test the Trend Average before one last push up. If the correction continues tomorrow it should not go below 1773.44 as that would technically invalidate the standard 5 wave count. Now, once all these waves are in, things will get interesting as it is technically time for a bigger correction but looking at the news and at sentiment there seems no other way but up. I guess we'll see if there is indeed any merit to all these wave counting business :)

And not sure if anyone here was able to catch the Bitcoin wave but wow.. I was hoping to get a retrace to $350 to buy a few coins just few days ago and today it reached $750 or more than 100% in a week. Too bad I didn't buy couple of months ago when it was at $120, I was ready to buy $15k worth just to diversify but all these trips and other stuff got in the way. Next time I see something with limited supply that has potential to attract lots of amateur investors, I will not miss it. That is a perfect combination for bubbles.

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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