The market retraced about half of its gains as expected and my assumption is a new bullish wave will come to challenge the 2120-2125 area next week. As I said yesterday, what happens at that level will be critical for the market. The SP500 has not done much this first half of the year and perhaps what happens in the next few weeks will point to the overall direction of the market for the rest of the year. I think a bigger correction would be healthy for the market given how long the LT trend has been bullish for (3+ years) but maybe it will go longer.
Have a great 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 trend being challenged
Long Term Trend = Bullish
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