The correction continued today but it looks like it is setting up for another leg higher early next week. Given how the 4th wave looks in relation to the 2nd wave, I might be wrong in assuming the coming wave is a 5th. Instead, the coming bullish wave could end up being a W3, with 2257-2300 as W1. Whatever the case, the bias is to the upside and I bought back my long position in anticipation of much higher prices.
The ultimate target for the bull market is 2400-2500 and I continue to think there is a good chance the market tops this year. Trump's unorthodox economic policies in regards to trade might end up igniting a recession and provide the perfect excuse for the market to be cut almost in half.
Trump Recession
Have a great weekend!
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 = 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
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