20 June 2014

The market did make higher highs as noted on our chart the past few days.  The question is whether the count is concluding or is there more of these sub-waves forming.  Currently our ST is still OB and clearly in an UP trend.  Therefore there is no cause for concern for the bulls for now.  But if our ST does turn, then I would be inclined to take profits and if you are bullish on the market I would wait for a good buying opportunity as we are in a toppy feely type of environment right now.

I do dabble in more complicated technical indicators and basic to intermediate cycle theory, but the work I do on this blog is simplistic and straight to the point on where we are in the current day to day trend.  For most who follow this blog, there are questions on how they should trade the market.  I do have a bias for the downside but I do try to keep an unbiased analysis, and what the market is telling us right now is that we are still bullish. The MT, ST, and PA I provide in this blog serves as direction for those simple or basic knowledge based readers, so it won't confuse them, but good enough for experienced and professional traders to understand and compare their work.

MT: DOWN
ST: UP
PA: UP