The market experienced its strongest "correction" in over a week by retreating less than 10 points before rallying back towards the top at the end of the session. The jobs report was on the disappointing side and that served as the excuse but this won't be stopping the market from going to higher highs next week. Perhaps, we might see some sideways trading to consolidate gains but a push towards the 2560 level seems reasonable. And only then, after the 5 waves are in, we will see a real correction. What will be the excuse then will be anyone's guess as major events have been ignored or the last few weeks.
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
No comments:
Post a Comment