Reversal

The market finally took a break today after adding a higher high to the 5 count and the intraday reversal is either a W4 or the beginning of a deeper correction. I see a triangle in the micro count which would fit the W4 scenario, so unless the market breaks today's low tomorrow then there might be some more upside left. There is resistance in the 1830-32 area and if that breaks then we will most likely see the market form a neckline for one huge Inverse Head and Shoulders in the 1840-1850 level.

I'd like to see the market start a real correction asap as I'd like to make money from my underwater VXX position sooner rather than later. But if we do go higher then I'll sell some of my longs and buy them later at a better price.

Short Term Trend = Bullish
Medium Term Trend = Bearish trend being challenged

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.