Prices continued to correct for most of the session today but the pattern continues to look like an IHS. We could see a rally take place as soon as tomorrow as long as the low from last week doesn't get breached. I am expecting the 2145-2150 level to be challenged but we could also see prices reach the 50 DMA at 2163. I went long today at 2130 in hopes the market will stick to the IHS pattern.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged
Long Term Trend = Bullish