The market ended up testing the 50 DMA as I had been projecting since support at 2376 first broke. And with the low today at 2322, we now have a possible bottom and a base for a new leg of the rally. Obviously, it is imperative that prices do not go below 2322 again and prices must recapture the Trend Average. If the counter-rally finds resistance at the TA, then we can expect the correction to continue with lower lows to come.
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
* 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