The market continued its bounce today but it looks like a series of zig zags so we the bias is towards another sell off to a lower low. However, if 1989 holds then there is a good chance of a bottom. Once the wave is complete we should see a rally to test the Trend Average or even the 200 DMA at 2060. This sell off is unusual as it happened during a golden cross but bulls still have some time before the bigger downtrend is confirmed.
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 trend being challenged
Long Term Trend = Bullish
* 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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