The market made a slightly higher high today but there is still no clear indication of whether it is a start of a bullish W3 or a corrective Zig Zag. One could argue for a bullish nested 1-2 or a micro Head and Shoulders forming. Perhaps we will get a better idea after the Greece situation is decided once in for all after the referendum on July 5th. Going by trends alone, pressure is on the bulls to re-gain lost ground, so if the TA is not re-captured on the next attempt we will likely see further downside.
I'm not holding anything except for my long term portfolio. I just hope I am right on a 5th leg coming in China, otherwise I'll have to wait for a few months before another big rally comes. Either way, I'm not sweating it.
Happy 4th of July!
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish
Medium Term Trend = Bearish
Long Term Trend = Bullish
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