The bearish 5 wave count was invalidated with today's higher high at 1882. However, selling is likely to resume tomorrow and the main question is whether 1828 will hold. The 'less bearish" wave pattern would have this wave bottom in the 1812-1820 area. But if this is a nested bearish 1-2 set up, then this is headed to 1737. I might go long to play the bounce to the TA at these support levels.
On the political front, the race for the nomination should start getting interesting from now on. It is still hard for me to think that Trump can win the presidency, much less the GOP nomination. But I guess you just can't underestimate Trump's ability to sell himself to the politically disillusioned crowd. In a way, I'd like to see Trump win to see how is he going to build a wall or "make America great again". I smell his BS all the way from this coast :) On the democratic side, they're both bad jokes. I'm actually baffled by the candidate choices on this electoral cycle. I guess the next presidency will fit well with the end of 5 waves from 2009 and a sustained correction and eventual recession.
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 = 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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