My Elliott Wave analysis of the Dow suggests there is more upside to come. Todays action mave have seen a pullback from the end of wave 3 up followed by the start of wave 5 up. An even worse case scenario is that this is an extended wave 3 which is quite likely and we haven't reached wave 5 up yet. I personally WOULD NOT try shorting this market at the moment.
Here is a 60 min chart of the Dow (sorry if the charts are not great, they work for me but can appear cluttered):
It looks very much like a BIG BULL FLAG which has broken upwards, pulled back to the line and started to motor north again.
Todays Nasdaq chart:
The rally at the end of the day cut through three previous strong support/resistance lines like a knife through butter. 43 points up on the Nasdaq in one day? That's one strong rally!
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