The market tested yesterday's low early morning but ended putting in a higher low, which supports further upside after the holiday in a W5. However, we have to keep in mind the trend average has turned bearish and and a break of yesterday's low could confirm the end of the wave from 1871. I think the ideal scenario would be a push towards the ATH and then a substantial correction to set the market up for a strong rally towards the end of the year.
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Short Term Trend = Bearish
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.
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