The market managed a decent bounce today that could be setting up the market for a new rally as long as yesterday's low holds. It would still be good to see the 200 DMA at 2012 tested but there are enough corrective waves in place to call for an end of this multi-week correction. With that said, looking at the patterns on a daily chart, I see a potential Head and Shoulders targeting 1970 so that has to be taken into consideration as long as the short term trend remains bearish. I will go long early next week if I see corrective waves to 2039.
Have a great weekend!
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Short Term Trend = Bearish
Medium Term Trend = Bullish
Long Term Trend = Bullish