The market rallied towards the TA today but much of the gains were reversed by the close. Looking at the wave structure, I am inclined towards labeling this leg a C due to the all the overlapping waves. Unless there is a clean break of support in the next few days in a W3, chances are the correction is coming to an end. Oscillators have been resetting and conditions are ideal for a Christmas rally going by Technicals alone. Maybe by the time the Feds make the decision on rates the markets will be ready to move forward.
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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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