The 2076 resistance level was finally challenged today on what seems like the 5th wave of the micro-count posted. I think a pullback of some sort is due, specially with several resistance layers ahead. But this being the stock market, if prices are able to cut through resistance then we are looking at a challenge to all time highs. I bought back my short position right at the 2076 test and I am placing another tight stop just in case bulls keep pushing the market up.
Have a great weekend!
For an more elaborate analysis of the current wave please visit http://www.ewaveanalytics.com The current rally in equities and oil was called almost perfectly over a month ago on that site.
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bearish trend being challenged
* 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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