The market made a higher high as expected on a 5th wave and came very close to its all time high (Russell and Nasdaq are at new highs already). However, I'm not so sure a new all time high will be put in on this particular wave as the W4 correction was fairly quick. Had the market gone into a zig zag or a triangle, there would have been a better chance for a stronger 5th wave. Still, we could see new all time highs early next week before another pullback. The ideal target level for the coming correction is 2085 before the resumption of the rally, but obviously lower levels are possible as long as 2039 doesn't get re-visited. Also, there's is a new bullish MACD cross on the daily so don't be surprised to see 2,200 in April or May.
I ended cashing out on my Russian position and Oil, which both rallied hard today. I will probably buy them both back on a pullback to their Trend Avg. Also, I went short the SP500 for the correction to hopefully pick up a few extra $$. If I am wrong on the pullback, I'll switch them for VXX which is at an all time low.
Have a great 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
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