I got back early morning (after a 12 hour flight) and been working non-stop all day so I will make this short for today. Basically, the market closing below the Trend Average is a negative. However, the pattern is bullish as long as the 2042 low holds. So if the TA can be re-captured soon, we should see higher highs coming. I will write more on possible scenarios tomorrow once I get good sleep.
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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