The market went into a correction today after topping on Friday at 2096. It's not clear if the impulse from the 2019 is complete, but I am labeling the low today as a W4 in expectation of a higher high before a bigger pull back. I ended up selling my long position in the 2090's and I am planning to buy back the short position I sold weeks ago if a W5 materializes.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bullish
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