SHORT TERM: POSITIVE
Today looked like a continuation of yesterday, with some subtle differences. Yesterday, the market rallied in the pre-market, and was sold off immediately on the open, closing near the lows: a 1% down day. Today, a pre-market rally carried into the open till about 10AM, whereupon the market was sold off again into the close: a slightly down day. Prior to todays selling, the DOW made a new intraday high for this uptrend, which was confirmed by DIAmonds.
I continue to label the last four days activity as wave iv of 3, and expect another rally to carry the market to new highs, before wave 3 completes. See NAZ daily and NAZ 112905 charts. If we are in the midst of correcting the advance from the late Oct lows, then we are probably about half way through it. The next few days should tell. Either way, I’ll be adding to my long positions tomorrow. Best to your trading!
INTERMEDIATE/LONG TERM: BULLISH