Prices plunged unexpectedly today closing at a level not seen since early July. I was hoping to see a strong move to the upside to finish up the impulse from the Brexit lows but bulls ran out of steam. So at least we know now that the entire structure is over and we can start preparing for the bottom of what would be the W2 of W3 of LTW5 or the beginning of a true bear market. The key markers to look for are 1991 and 1810. I'll chart a longer term count next week to illustrate where I think we are at. Personally, I would welcome a true bear market that would see prices retrace 50% of gains since 2009 but if the LTW5 sub-divides then 2335 will be the top more or less before the real plunge takes place (and yes a big bear market is coming fairly soon).
I stopped out earlier in the morning and bought back at 2134. I'm guessing there will be a counter-rally next week to the TA. Finally, some excitement!!
Have a great weekend.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish
Medium Term Trend = Bullish
Long Term Trend = Bullish