Thursday, November 21, 2013

IHS in the works?

The market started to rally today as I had been expecting/hoping and based on what I am seeing so far, we could see an Inverse Head and Shoulders or another stand alone W3. If today's high was W1 of W5 then it projects to 1825-30, which is higher than the IHS projection or the 1811-12 "ideal" ending of the wave. We just have to see how the wave evolves and then be ready for a bigger correction. I am keeping my short term longs until I see any signs of a reversal and load up on VXX or a triple short after that (Note that this is only on my short term trading account. I have been 100% long on my long term account for the past 2 years and will leave that intact as this bull market is far from over)

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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