The counter-rally gained momentum today and ended up challenging the Trend Average as stated yesterday. What happens in the new few sessions will probably set the tone for the next few weeks. A clean break of 1993 on a strong bearish wave will lead to a bigger sell off. However, a continued rally that is able to take out 2076 will likely challenge 2100 and eventually the all time high. I ended closing my longs for a minor profit and will jump in again if the market is able to gain traction.
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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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