SHORT TERM: positive.

This is certainly a Nasdaq bull market! Just as we have stated from the very beginning. And, the last few days action are certainly the epitome of this statement.

 

The NAZ puts in a high on fri/mon: then goes sideways waiting for the general market SPX/DOW to catch up, then turns down on tuesday taking the rest of the market with it. Just as it looks like we have completed five waves up from the late Oct lows, and are ready for a decent correction, the NAZ bottoms wednesday and turns up again. Today, the NDX gaps up on the open, making news highs, then waits while the NAZ, then the SPX and finally the DOW get going. Once all in line, they all rally into the close. The five waves are extending into nine!

 

I've posted two 15 minute charts: NAZ/SPX 111705. It appears that the fifth wave up from the late OCT lows is now extending: mondays high wave 1, wednesdays low wave 2, and we are currently in wave 3 of the fifth wave v of a larger wave 3. Both the NAZ and the SPX are running right into their final resistances here at their previous highs of 2220 and 1246 respectively. Maybe they'll hesitate, maybe not, the previous highs didn't seem to stymie the NDX recently, it's already in uncharted territory. Expecting the advance to continue!

INTERMEDIATE/LONG TERM: BULLISH.