The 2068 resistance level was broken easily today and this move confirms the move from 2116 to 2019 as an ABC correction. There is the possibility for another zig zag to test the 1990-2020 area again but if a bullish W3 is confirmed in the next few sessions, then we are looking at new all time highs. I am raising my stop on my longs to the W2 low, so a good trade already even if the bullish W3 doesn't materialize.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bearish trend being challenged
* 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 into consideration other factors.
No comments:
Post a Comment