The market broke support at 2070 to confirm a bigger correction and ended testing the 2038-2045 support area, which might be re-visited again on another bearish leg. I am assuming this sell off won't go below the 50 DMA but it is obviously too early to tell. As long as the market trades above the 2019 low for the previous wave structure, the bias will continue to be bullish.
I have been reading the news on the shooting in California (it happened not all that far from where I live) and I am still amazed at how political correctness has blinded common sense. Apparently, it's too hard for some people to figure out the "motive". It's actually beyond ridiculous.
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 = 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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