The market continued its correction today and the pattern could turn into a zig zag or a 5 wave move down. I still favor a test of support at 2358, if the market is able to stay above that key level then new highs are likely. A break of support will turn the Trend Average bearish and start a multi-week correction. I am holding my position over the weekend and will only consider trading if 2388 gets breached.
Have a great weekend!
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Short Term Trend = Bullish
Medium Term Trend = Bullish
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