Gap up on Monday?

The market broke out of its triangle from the cash market and as I had speculated couple of days ago the right angled triangle formation made the higher high and closed the 1626-1630 gap (finally). The market also seemed to have put in a quick W2 earlier in the morning and an Inverse Head and Shoulders targeting 1648 was also formed, so given all the other bullish factors in place (bullish short term trend, above 50 dma close, bullish MACD crossover) it looks like the market is about to get very bullish early next week. The count I have on the IHS targets 1660's more or less so maybe that will be a good spot to hedge or short and I think the next intermediate wave will either confirm 1560 as the low for the correction or put in the low on a C of Y wave of an double Zig Zag. It will come down to how the 50 day ma holds on the correction, enough time has passed by for bears to make their case and after 7 weeks of trying there hasn't been much of an bearish advance. But this comes as no surprise as all of this had been anticipated in the Long Term chart I posted couple of months ago (I put the labels then in anticipation of the market topping then). But before we get too far ahead of ourselves, let's see how next week trades. 

I tried improving my FXI position but ended the day even, looking to sell it to position trade when the targets are met and go short.

Have a Great Weekend!

Main S&P 500 Trends*

Short Term Trend = Bullish

Medium Term Trend = Neutral

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 into consideration other factors.