The market put in a 5th bearish wave today completing what appears to be an X or W1 wave. The trend average served as resistance last past week and any coming bounce will have to overcome the TA in order for the bullish to take hold. If the wave that finished today was a bearish W1 then we'll probably see much lower prices after the bounce so I am going to hedge my longs at the test of the TA in case the bounce turns out to be a W2. With that said, we still trade above the 200 day MA so this continues to be a correction within a bull market.
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