Prices closed the week at new all-time highs and looking at the pattern on the chart, it looks like there will be a breakout out of an ascending triangle next week. So labels will most likely have to change to accommodate this relentless rally. Not even the possibility of a government shutdown has been able to stop the bullish momentum and I suspect a resolution to the issue will only serve as an excuse to go much higher. I am completely missing out this rally but it's ok. Last night, my long portfolio got within 1.2% of reaching my long term goal and it looks like it might overshoot as the rally in China seems to be just getting started. In 2012, I thought 2017 was going to be the year my portfolio would reach current levels. I was off but not by much and it goes to show that patience and focus does pay off in the end.
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