Hello Everyone,
Quick Note: Tuesday's comments:
Short term inflection point for market - bullish view is a completed ED (Ending Diagonal) for wave C of wave 4 (this would serve to trap late bears). A slight further dip and strong reversal is also acceptable for Wave 4. Until evidence changes W4 remains primary view to be followed by a Wave 5 push up to 4200 area into those timing cycles.
Well as expected, today the SPX broke out of its recent range with a nice thrust higher. That ending diagonal yesterday made for an objective entry as per our wave structure - it trapped some bears which led to a gap and go day. Since the SPX has now approached our target area, it's wise to protect profits in accordance with your plan. As discussed last week and again today in the trading community, the SPX has a timing window over the next few days to monitor for an eventual turn. I'm still hoping for a test of the SPX 4200 area but my style is to protect profits after big gains - make sure you develop and adhere to your plan.
Please take a moment to look at the trade ideas.
