Elliott Wave Analysis
Well, the anticipated wave 5 of this bull run might have started. Last night's analysis of the market showed a nice follow thru and quite a few breakouts into new high by market leaders. However, most breakouts are coming from 6 to 8 week bases which is not very encouraging. Wave 5 breakouts can result in large gains in a short time. But you must be able to watch closely and take profits since the peak will be nearby. (What is perplexing is that there is still too much money on the sidelines - although that may be what makes the 5th wave strong and fast moving). Still targeting around 11,500-11,700 as targeted range for the DOW but let the market action dictate the sell point. Remember, if you don't sell at the top, don't wait for the market to reach it again in order to sell - It never does in the short run (after a market top).
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