Market Update

The market made a marginally new high early today and retreated in what seems like a micro W4. So my assumption is there will be more upside after this micro W4 is done. The market is overbought and could use a good correction in price or time to find a base to rally from as the main issues that were holding the markets (Syria and Taper) are now off the table. In the longer term, it looks like the market will go for 1790 if the waves evolve into an Ending Diagonal or Rising Wedge which are common in 5th waves or 1900-1950 if the market rises in a regular 5 wave count. Crazy how much the market has advanced in less than a year.

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 into consideration other factors.