Wednesday, November 20, 2013

Trend Average Test

The market put in another bearish leg today that came down to test the TA and close right on it. Going by length of the waves, the "C" leg is equal to "A" so the market should start rallying to finish up the 5 wave count. Further downside that breaks 1773.44 will probably mean all waves are and we will see the start of a higher degree correction. Seems like QE taper will be the catalyst I was wondering about a few days ago, so we'll see how long it will take for fear to make a come back and bring back the "expert" bears who get airtime whenever the market is falling.. but we all know how that goes.

I ended up buying some GXC in hopes the 5th leg will start in the next session or two.

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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