The market made a higher high today and the count I had on Friday has clearly evolved into a 5 wave count. Also, key resistance at 2120-2125 is being challenged again and should the market break today's high tomorrow we will see new all time highs on a new multi-week rally. The bearish pattern I mentioned last week remains in place but will be eliminated if an all time high is reached. The Greek debt negotiations might provide the catalyst for the new rally as sentiment will shift to the bullish side again if they find a resolution.
I'm holding to VXX but looking to sell if the bearish pattern is eliminated or on a coming correction. Makes me wonder just how much longer will the long term trend stay bullish for, at this rate I won't be surprised if it ends up lasting 4 years.
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 = Bearish trend being challenged
Long Term Trend = Bullish
No comments:
Post a Comment