The market has decided to go parabolic despite being extremely overbought. We all know that there will be a top but at this point it feels like rolling the dice as the micro-count is as stretched as it can be. I am holding my short position but will consider trading the position if the madness continues tomorrow. I knew there was going to be a break-out but it almost feels as if QE has jut announced. Maybe a few more weeks or months of madness and then we will finally see the bear market so many of us have been waiting for.
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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