The ups and downs continue and we are now getting close to September and the market continues to trade in the same range as it has all year. Basically, 2039 needs break for a stronger correction to begin, otherwise this sideways action could arguably be a time correction. At the same time, the market needs to break out of the 2134 resistance if it is to reverse the imminent death cross coming in the next week or two. And to be clear, a death cross is a lagging indicator and there has been cases where the lows where already in by the time this event happened. However, more often than not, a death cross happens before new lows are in and with the historically worst month for the markets approaching (September), there's a good chance things will get very bearish.
I might be at Disney's California Adventures tomorrow, so again I might miss the update as an entire day out in the sun and making long lines drains me. But at the end of the day, seeing your child happy is priceless.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bearish trend being challenged
Long Term Trend = Bullish
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