The market closed basically flat for the day but now the Trend Average has turned bearish. There is not impulse so far to the downside, so there is still hope for a bullish move next week. However, it's best to be cautious now given geopolitical events. Military action in Syria has overshadowed the seemingly positive US-China summit, so it remains to be seen if there are any other surprises this weekend. No news will be good news IMO, but we will see.
Have a great weekend!
The market made a lower low today at 2344 and bounced substantially from that point for most of the day to close right on the Trend Average. If the count posted is correct, we should start seeing a W3 impulse in the next few sessions to new all-time highs. There is obviously room for lower prices, but I think a rally from this point on would be ideal for the "Sell in May" scenario. We'll find out soon.
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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