I was wrong in assuming the correction was over on Friday and today we saw the correction continue by putting in a lower low. Still, the wave count doesn't change as the waves look like a double zig zag. Therefore, if today's low holds, there is a good chance a rally will gain traction in the next session or two. With that said, If the market fails to re-capture the Trend Average then there is a higher chance the rally from 1871 is finally over after 5 weeks of almost non-stop rallying.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bullish 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.
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