The market reversed all its gains from yesterday and it closed below the Trend Average. A move below 2070 would confirm a top for the wave structure that started at 2019. If bulls manage to get past yesterday's high, then 2016 will likely be challenged. Unfortunately for me, I got stopped out at break even so I am back where I was last week. The reason for the sell off today was oil, which will end up testing $37 if support at $40 fails. So that could provide a reason for bigger correction in the next week or two.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bulliss trend being challenged
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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