Prices broke out today to new ATH and could see even higher highs after a brief pullback. The 5% drop in oil did not matter and this point to strong bullish momentum. However, I continue to think this is a bag holder rally and significant change in sentiment should occur in the near future. I wouldn't be surprised if what we are seeing is the "head" of an H&S pattern.
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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