Market Update - June 26

The bearish wave materialized today and it didn't even get to 1941 before bouncing and recouping most of the losses and closing comfortably above the Trend Average. This pattern could be part of a bearish nested 1-2 with further downside to come, but I am leaning towards the wave being a C wave since the TA hasn't been affected at all during this correction. Alternatively, this could also turn into a double Zig Zag with lower lows but the bottom line is the market looks like it will make another attempt at new all time highs. I ended up selling my volatility position at the break of the TA on the counter rally and now I am just holding oil. Maybe the market is expecting QE4 in 2015, like a baby is expecting his mom to feed him. So maybe the horrible GDP numbers or perhaps even a recession is what the market needs to go up another 30%! 

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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.