The market technically put in an expanded flat and changed the weekly trend to the downside when considering the pre-market action. However, on the cash market the 1391 level held and we have what appears to be a truncated 5th or a W4 in progress. But for all intent and purposes, I see 5 waves down (counting pre-market) and the start of a bounce (X wave). So while the top can not be confirmed just yet, odds are increasingly favoring the start of a higher degree correction. The bulls would have to come in force Monday and reverse all the price damage that has been done. And considering we have a holiday weekend there is still a good chance for a substantial bounce but the test will be overcoming the trend average at 1408, which I expect the market to test. If the market can't manage closes above it, we're doing down in a 17-34 point move after the test.
Today I made some hedging trades they were logged as follows:
TRENDING WAVES PORTFOLIO
Have a great holiday weekend!
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