The market was able to rally today with an early gap up that kept the market elevated throughout the day. Technically speaking, the top island pattern remains in place until a new high is made. But given the impulse seen today, the market is well positioned to continue to rally next week to new highs. I have been in cash for most of the week but I might have to jump back in the rally resumes. I also bought oil and gold on my other trading account as I think they will be going up for the next few weeks.
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
* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking