50 DMA Target?

The market was not finished with the entire structure yesterday as we saw a clear 5th leg that reached the original 1650 target. But now that we have what appears to be the entire 5 wave structure (unless we get an extension), I am looking for the bounce to the 1670-74 I mentioned yesterday but given the counter rally wave from this morning, if I were to label that as a bullish W1 then we would get 1685. So there's a very good chance the market wants to test the 50 DMA or the TA on this bounce. The counter rally can be counted as a completed 5 wave or a complete 3 wave (the inverse of yesterday) and obviously it remains to be seen if this counter rally is just a bounce or the start of the resumption of this year's market rally.

I will sell hopefully tomorrow if we get a good bounce to lock in some profit get back on the sidelines.. assuming the market doesn't close over the 50 DMA.

Short Term Trend = Bearish

Medium Term Trend = Bullish Trend being challenged

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.