The market showed signs of a top in today's session but this needs to be confirmed early next week with lower highs. If prices are not able to make a new ATH early next week, they we should see prices go down to test the Trend Average at the very least. With that said, the 5 wave structure is indicative of further upside after the correction, so there is a good chance for a continued rally once the consolidation period is over. I didn't get into any positions and just holding on to gold, but I hope to go long (or short) sometime next week.
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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