The price action was highly volatile overnight with futures up by more than 20 points before reversing gains during the normal hours due to a surprise move by the Swiss to abandon their currency peg to the Euro. With this move, the Euro will probably challenge its all time low against the dollar at 1.05 if I remember correctly. Anyway, as far as the US market, things are still not looking very promising and I think a 200 DMA test needs to happen to really test the bulls. The count continues to be the same, so the market just needs to find its bottom.
My oil position was looking great when I woke up early morning to set stops. But by the time I woke up again my stops were already triggered, so I ended up even on the trade. Still, my longs in China are doing really good and I am almost there. Technically speaking, I just need China to go up another 20% to SSEC 4000 and its H shares in HK to reflect its true value and that will be it. And once that rally exhausts, maybe it will be time to give Brazil and Russia a shot as those markets are cheap and will likely get even cheaper.
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 = Bearish
Long Term Trend = Bullish
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