The market showed resiliency today by managing to close again above the TA despite technology dragging the overall market. The current wave could arguably be a B wave or a W2 with the likelihood of downside in the next few sessions. However, given the short term trend is bullish and the bullish pattern in the minute count, I wouldn't bet on it until 2077.52 support gets breached. Market sentiment has shifted substantially in the last 2 months and the long term trend has now turned bullish as well, so this could be the early stages of a multi-month bull run as long as lows remain intact.
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 = Bullish
* 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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