All time high

The market was able to break out of the rounded top trendline and take out the all time high after hesitating for over a week. I was expecting an all time high and I continue to expect higher highs but this move up without a deeper correction was somewhat of a surprise for me. Fundamentally and technically speaking the market should have corrected more but the trends were clear last week so they are again right in pointing the direction of the market. I see a possible 5 wave count to 1875 but the selling at the end of the day has the chance of invalidating the bullish count posted so we'll have to keep an eye and see if we get complete reversal or a bullish nested 1-2.

I stopped out at the break of 1851 at a loss (16/19). This position was profitable when the TA was tested last week (my target to lock in $) but since I wasn't awake to sell I now have to absorb the losses. At least I noticed that TD Ameritrade has reinstated trade triggers so I am hoping this won't happen again.. I am keeping my short term longs obviously and I am planning to add to my long term portfolio this or next week as I have some  money coming in. If I see 5 clear waves up then I'll consider getting back VXX but for now I am not going to get in the way of a blind bull.

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.