Thursday, April 24, 2014

Possible Break Out

The market seemed like it was going to break out early morning due to positive earnings news but it tested resistance again before going back down and putting in a low at 1870 and bouncing back. I am counting that as an  B and C followed by a 1-2 set up, which would imply a break out tomorrow out of the recent trading range. We do have the Russian issue escalating in the background and the market in need of a deeper correction but one more push up would make the wave look much better. That and the fact that it will allow me to buy back VXX cheaper!

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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