The market made a lower low just above 1990 support early morning before rebounding to close the day at 2021. All trends are now bearish and bulls would need to re-capture the 2060 level to keep their hopes alive. The only thing that looks "bullish" is how the leg from 2093 to 1993 looks corrective, which implies the recent sell off will only lead to a bigger rally. For now, the best is to be cautious until the market reaches key trading levels. I went long as planned and I almost got in at 1993 but by the time I was able to input the order the market was at 1997. And given the substantial bounce, I am raising my stop to what could be a micro-2 at 2006. I expect a test of the TA if 2042 is not able to stop the counter-rally.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish
Medium Term Trend = Bearish
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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