The market bounced substantially today in what could be the beginning of a bigger counter-rally. However, I'd like to see the 1950 level or the Trend Average cleared before assuming further upside. If this rally is sustainable, we could see an Inverse Head and Shoulders pattern in the next few sessions.
Thanks to to all that played the lottery with me yesterday. One of the winning tickets was bought 30 miles from where I live and I can only imagine what that person must be going through right now. We'll give it another try next time the jackpot gets ridiculous again.
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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