The market made a higher high as anticipated and the count posted is technically completed and ready for a minor correction. However, given recent euphoria and end of the quarter window dressing, there is a good possibility of the wave extending or even calling the correction to 2352 a W2. The Trend Average is back to bullish and there is plenty of room to rally for the next few weeks to substantially higher highs before the "Sell in May" event. The same people who made the market drop to and then bounce from the 50 DMA will be the same people selling at the peak around that time.
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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