Wednesday, November 13, 2013

New Highs

The market broke out of range today and now the bias is back to the upside, so I will now label 1746 as the W4 low and I am looking for higher highs in the next few sessions. I sold my hedge at the break of the all time high and for now I am assuming this new impulse will reach 1800+ if this evolves into a normal 5 wave count so I will be buying back the hedge then. I still think the market is reaching a significant intermediate top, so we'll see if the next change of trend will be the one.

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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