The market made a higher high as expected despite the sell off in oil last night. A challenge to the 2104 level would be ideal but technically speaking there is a 5th wave in place already and we could see a test of the rising Trend Average in the next few sessions. The main question is now where the market will make a deeper correction or if the correction to 2033 was the pullback for the entire structure from 1810. I ended up buying some VXX towards the EOD but I'll probably cover in a TA test of if the market gets past 2104. As I've been saying for the last couple of months, this could turn into a full rally (technically it has already) and one has to be very careful with short positions and specially if buying VXX.
For an more detailed analysis of the current wave please visit http://www.ewaveanalytics.com.
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bearish trend being challenged
* 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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