The market has entered a correction as expected and given the strong bearish momentum we could see 2019 tested. I assume the rally after this bearish wave is over is what is going to set up the general direction of the market for the rest of the month. A Christmas rally is very likely if the Trend Average turns positive in the next few sessions. Failure to trade over the TA will set up the market for accelerated selling.
I will be going long as close to 2019 as possible to use 2013 as a stop, a very similar trade I did couple of weeks ago.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bearish trend being challenged
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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