The market made another new ATH today, the third consecutive marginally higher high. But now a rising wedge has formed, which points to a correction coming if the lower trend line is broken. Looking the waves, the count that started at 2417 in August would look best if we had a proper intermediate W4 correction and then another push to another high. So, the coming pullback will either be a shallow one (W4) or a substantial sell-off from a significant top. I am raising my stop on gold to above break-even and I am sure it will continue to rise if I am right on the correction.
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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