Prices broke down as expected in today's session and went below the first level of support (2344) early in the morning. The bottom at 2337 might be re-visited again if prices are not able to get past 2363 on the current bounce. A break of 2337 should lead to a test of 2322 and that should be the lowest the market could go while being in generally bullish mode. I am still hoping for a market rally after the correction but it better get started soon or risk a much bigger correction.
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