The market rallied to another high as I was expecting and the 2000 level will probably be tested in the next couple of sessions if the current wave is a bullish 3. The big test for the market will be overcoming the 200 DMA when prices get to that level. If the long term trend can be re-captured, we might see new all time highs in the next few months.
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
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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