Few weeks ago I stated:
Once gains are digested, the Inverse Head and Shoulder's pattern will be in place and it will be interesting to see its target of 2220 achieved. This might sound unthinkable to people who think this is a "bear market" but the pattern is there and the trends are supporting it.
Today's new all time high gets the market closer to the IHS target and prices might even get there later this month or early August at the current rate. The micro-count posted is technically finished since there are 5 waves in place but it would look better if the Ascending Triangle target mentioned yesterday is hit. Whatever the case, there are still plenty of bears and that helps push the market up during a break out. Only when everyone is bullish will things truly get bearish.
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