The market managed to close at another ATH and the bearish set up in place was invalidated with this new high. Bears just can't get a break in all of this mania and I am sure at this point the great majority have thrown in the towel. The "stronger" pullback the market felt couple of days ago could be a W2, but I am labeled it a W4 to be on the conservative side. If we see the market go up with the same momentum as in the beginning of the year, then prices are headed towards 2800s by the end of this month. I stopped out of my short position and looking for another opportunity.
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