26 Jul 2013

Another whipsaw day, and the day traders are loving it.  But be weary of which side your on.  Todays intra-day triggers were pretty good considering it wasn't precisely at the tops and bottom.  We always exit our position at the end of the day for intra-day analysis, as the main trend is still the most important to follow.

Main-Trend: UP
Short-Term: DOWN

5Min EW analysis...

The impulsiveness today could be explained as a red c wave of green B and would explain the 3 wave move down today to red b then red c up.  This would allow for the green C leg to push lower in another impulsive manner to complete another corrective wave before resuming its higher highs.  So next week should tell a definitive story as to what pattern the markets are really drawing out.  For now we are still on a Main trending pattern, with a short term correction.