The market continued its counter-rally today in a bullish W3 and the Trend Average was tested as expected after 2042 failed to hold the advance. Looking at the waves, once could make the case for a completed 5 wave structure so another sell off or pullback should come soon. I suppose the excuse for whatever the market does next will be the decision by the Feds. Personally, I hope they start hiking rates to get it over with.
I ended up selling all my longs at the TA test and I'm back in cash on my trading account.
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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