The market made an new all time high overnight but it was already correcting by the time the cash market opened. I usually take into account what happens in pre-market, so this wave from 1990 to the equivalent of 2006 in the cash market could be considered the 5th wave or wave 1 of 5th. There's also the chance of an expanded flat scenario where the market will test the 1990 low again, but I am assuming the W4 is done. If w1 of 5th was from 1900-2006, then I have 2030 as the target before we see a substantial correction. The situation in Russia is not getting better, and it could be the catalyst for a strong correction so many have been waiting for once all the waves are in. But for now, the market is ignoring geo-political events and focusing on higher highs.
Have a great long weekend!
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 = Bullish
Long Term Trend = Bullish