W5 truncation or end of correction?

The market challenged the all time high today but fell short by a point and went straight for the Trend Average test. The 5th wave on the chart looks truncated but at the same time I can see a Zig Zag correction so I will pay close attention to how the market holds here at the TA. Failure to close under the TA just means the high will be taken out in the next few days, closes under the TA will reverse the  short term trend but until that happens I will trade following the TA which are still green. One possible bearish scenario I am keeping in mind is a sell off that will test 1834 and then bounce for a H&S formation, so a sell off to that level should create a good counter trend trade opportunity.

I was very tempted to buy VXX today but I decided to wait. Instead I bought a small long position in a pharmaceutical company, which very rare for me but I figured it's a low risk trade at these levels.

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.