Sorry for not doing a video this weekend, I was a little busy.
We were up a decent amount on all the major indices this week. However, we did have a reversal on Thursday and into Friday. The waves down are hard to count as impulsive, so I am labeling them as corrective for now.
I do expect higher highs to potentially come this week. We may get to 2450 on the Nasdaq and perhaps 1190-1200 on the SPX. The Dow may even try to challenge 11,000.
If we manage to break below 1160 and 1150, we could continue to lower to perhaps 1130.
It's hard to give an exact number on that trendline since it's upward sloping, but for a further up move, that line must hold.
The US dollar pulled back a little bit on Friday. It closed slightly below support at 82, but it's nothing too major.
It may continue to pullback a little more, but in the end, I think it is going higher.
I wanted to show some more long term charts again today. A while back, I posted my long term Dow chart. The chart suggested a huge crash headed our way in Primary Wave 3. This ovbiously is the ultra bearish count.
The less severe bearish counts still calls for a down move, but nothing like a huge crash.
According to this alternate, the downmove may still be large, but not as significant as a Primary Wave 3.
Also, on a bullish note...
The Nasdaq has slightly broken above its long term triangle. It is not a complete break. It could still collapse below and tag the bottom line.
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