The market went into a minor correction today but its too early to tell if there will be another challenge to resistance. The bottoming pattern looks like it could hold but with the French elections this weekend and other geo-political issues, the market could find an excuse to revisit the 2322 low again. The one thing that could be a positive and one which I am paying close attention to, is the tax cuts proposal next week by Trump. I hope he cuts taxes at the higher end as this will incentivize the economy. I live in a state where basically 50% of my income (in Federal and State taxes combined) above a certain level goes to the government. And what incentive do I have as an entrepreneur to work more when the government takes an equal or higher share of my earnings? it's ridiculous and highly damaging to a free market economy. If they want more money, they should focus on being more efficient first before asking working people for half their income.
Anyway, hope everyone has a good weekend!
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish
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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