Stock Market Update - May 30

The market has continued to extend its bullish 3rd wave and the original target has basically been reached.  I am still expecting a W4, so this wave looks like it is going higher before any substantial correction by the time it's completely done. After going up 30% in 2013 and almost 4% in 2014, the market hasn't really bothered to pull back. However, I believe a higher degree W4 correction is coming sooner rather than later, specially given the fundamental background. Summer is almost here and I'll be surprised if the bulls manage to keep it up, but as I've said before, expect the unexpected.

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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 into consideration other factors.