The market put in a lower low today at 1901 before bouncing back to close the day in positive territory. This despite the fact that oil fell to a new multi-year low of $31, which is a sign the market might stage a counter-rally very soon. Perhaps we will see a W4 like movement in the next few days and then another bearish wave to challenge the 1867-1871 area. What happens after all the negativity is gone is the big question. Fundamentals have not changed in the past weeks, just sentiment.
Now to regular visitors to this site, I am going to give you a chance to win $10 million dollars. Post 5 numbers from 1 to 69 and 1 number from 1 to 26. I am going to pool the numbers and play powerball on Wed. Maybe by Thursday we'll be a few million richer!
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 = Bearish
Long Term Trend = Bearish
* 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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