As expected, the market continued its correction and it seems like a zig zag bottomed at 2087. It's still too early to tell if this will turn into a double zz or will start rallying to new highs but I assume we will find out in the next few sessions. Also, with today's close the Trend Average goes bearish but considering the 5 count and the zig zag so far, it looks like the signal will be reversed soon. Lastly, the sell off in oil continues to affect the energy sector which in turn drags the DJIA. A death cross on that index is imminent at this point and it will be interesting to see how the broader market deals with this as I don't think I've seen major indexes diverge in a very long time.
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
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