The possible ending diagonal I put up yesterday was eliminated with today's mostly sideways move. So I moved the 5th back to where it was given the lack of bullish momentum in the last couple of days. It's hard to see how the market could continue going up without a strong catalyst, specially now that earnings are over and the dollar might start to rally again (I've never counted the dollar, so I gave it a try today and it looks very bullish). One factor that could help sentiment is a resumption of the rally in China but that market has never really been much of a catalyst for the US market.
I've been hedged with VXX and it has taken a beating, but hopefully it will come alive in the next few weeks. And now that China seems to have finished its correction, if there is a strong wave coming like the one in April then I'm pretty sure I'll reach my retirement goal in the next month or two. I just need 15% more upside and I'll start locking in profits/position trading, which I have not done since I started positions years ago. I guess is time to start planning my vacations!
Have a great holiday weekend!
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish
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