Thursday, April 3, 2014

1900 tomorrow?

The market corrected as expected on what seems to be the micro W4 on the chart and if the reversal that followed is the W5 then we're looking at 1906 as soon as tomorrow. I added the length of W1 to today's low to come up with the target which is in the original range I had talked about when resistance broke. So I assume whatever news we get tomorrow is going to be used as an excuse to rally.

My VXX position did not go into positive even with today's correction but I sold it as a position trade. So I will be buying it back in the 1900's or in the 39's hopefully..

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.

No comments:

Post a Comment