The market avoided testing recent lows after strong gains in Europe and China overnight. Looking at waves, there are couple of different scenarios that might unfold and my guess is that it will depend on EU's decision over Greece. The close today was comfortably above the Trend Average and markets in Europe seem to be pricing a positive decision, so we might see a very bullish Monday if recent issues get resolved. After 2 months in a correction, bulls are like bored children in a house waiting for someone to let them out to play. Obviously, if there's a negative result from the EU, we will see support challenged and most likely broken. Unfortunately, waves can not predict actual events, so we'll just have to enjoy the summer weekend and hope for the best for our portfolios on Monday.
Have a great weekend!
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Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bearish
Long Term Trend = Bullish
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