The US stock markets responded to US elections result in very bullish way. NASDAQ, in particular, shone with 3.85% gain while S&P 500 also added 2.21% overnight. Both indices are set to resume the record runs.
NASDAQ’s consolidation from 12074.06 looked completed with three waves to 10822.557, after breaching 55 day EMA twice. Retest of 12074.06 could bee seen soon, probably next week. Sustained break there would confirm resumption of the long term up trend. Next medium term target is tentatively seen as at 61.8% projection of 6631.42 to 12074.06 from 10822.57 at 14186.12.
Similar picture is seen in S&P 500. Consolidation form 3588.11 could have completed with three waves to 3233.94. Upside breakout could be seen soon. Firm break of 3588.11 will confirm resumption of long term up trend. Next target is seen as at 61.8% projection of 2191.86 to 3588.11 from 3233.94 at 4096.82.
