The market took a break today on what seem like a W4, so I'm assuming there will be a Zig Zag or a Triangle before another bullish wave to a higher high. It would be good if the market corrected all the way to 1912 (so I can add longs), but 1925 would have to break first which is questionable at this point. Some people are worried about oil again as it has set new lows, but I think it will ultimately test $77 as I've been projecting for over a month before oil was on the radar. And again imo, lower oil prices just means more money for people to spend. Lastly, the Trend Average has now turned bullish and the daily MACD has made a bullish crossover so new highs are a probability in the coming weeks if the TA and the 200 DMA holds.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bullish
Medium Term Trend = Bearish
Long Term Trend = Bullish