The market went into a correction that seems like a micro-W4 as expected and the bottom today was in the range I mentioned yesterday. So if all goes according to the count posted, we should see the 2104 resistance level challenged on a bullish leg early next week. The likelihood of the long term trend turning bullish is increasing by the day at these levels and bears basically need a miracle at this point to reverse all recent gains.
I am also posting the long term chart to add perspective of what the market is most likely doing. I haven't updated the labels since last year. Once there is confirmation for LT W5, I will make calculations on its target range.
Here is what this count looked like 3 years ago. Back then, most people were bearish and wave counters were waiting for a crash (which is basically the same as today). Nothing has changed, bears will always be blinded by pessimism and most will not be able to see a rally even when it's right in front of them. There's a saying in Spanish that goes "No hay peor ciego que el que no quiere ver" that sums it up, which translates into "There is no worse blind man than the one who doesn't want to see".
Have a great weekend!
For an more detailed analysis of the current wave please visit http://www.ewaveanalytics.com.
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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