We all witnessed harsh market break down after US Fed meeting on Wednesday last week. If you were following this blog then this should not be a surprise to you as our guidance system did gave us early SELL signal well before last week. What to expect next and be prepared for!!! A sharp decline in BPNYA is clearly visible on chart below. As you can see, we got our early SELL signal in the beginning of June 2013 and most likely in next week EMA(30) shall cross MA(50) downwards triggering late SELL signal. Also volatility is rising as can be seen in bottom section of the chart and as a result market (NYSE) starts its wild decline. Market will try to find support near dotted area shown in below NYSE daily chart. We might even see a bounce attempt but nothing to get too excited about. Further decline shall not be a surprise to us. On weekly NYSE chart, we can see that market may find a solid support near 8750 area before a meaningful bounce attempt. Correction was long overdue which we witnessed starting mid May. We believe that for now its wise to stay on sidelines and wait for next opportunity. Our guidance system will provide us with right signals when the situation is optimum for a low risk entry.
What does it mean for our Investments?
Market in correction mode, stay out for now... Comments are closed.
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