Prices closed slightly higher today and could go as high as 2800 before finding significant resistance. If a pullback occurs at that level it will be setting up a potential inverse Head and Shoulders with the ATH as the target. Too early to tell but a pullback to test the 2600 level will provide a good risk/return entry. Aside from some silver, gold and oil I have most of my cash sidelined so I will buy if this pattern materializes.
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 = Bearish trend being challenged
* 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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