Just when I thought he market was ready for a fall, the bulls pull one out of its hat and made another new ATH. This price action again invalidates the potential bearish count I was looking for and instead offers the possibility of a continued rally or a "megaphone top" pattern. For now, the most reliable indicator has been the short-term trend so we are back to expecting higher highs as long as the trend is bullish. Good thing I am not short this thing!
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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