Monday, November 4, 2013

Market Update

The market moved up a bit today but not enough to give us an idea of what will come next. I had been expecting a W4 correction and this is looking like one but the lack of selling might mean we will see just a correction in time and not much in price. I see a potential for an IHS that targets 1785, if a lower low is not made in the next few sessions then we will see another all time high fairly soon. I will continue to hold both of my positions until I see a definitely break either way.

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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