The market has been able to gather some bullish momentum and we should find out how sustainable the rally is next week. Oil has shot up more than 20% since its $26 bottom and continued stability in energy will help equities continue its rally. It's too bad I wasn't able to execute my long trade as I was waiting for $25 oil. But it's ok, I rather be conservative in counter-trend trades than risking the possibility of catching a falling knife. At least I'll get cheaper gas in the next few weeks :)
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 = Bearish trend being challenged
Medium Term Trend = Bearish
Long Term Trend = Bearish
* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.
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