This young year has been interesting so far. First, we had the Islamists going against each other, then we got China selling off, oil at 7 year lows and now we have a man that wears high heels with an H- bomb. If things keep going this way, we'll have the Donald as the President by the end of the year (not that Hillary would be all that great). We are living in interesting times.
Anyway, the count I've been posting seems have completed today with a lower low at 1979 and a counter-rally to test the Trend Average seems likely (assuming the 1979 low remains intact). And if bulls are not able to re-capture the TA on this attempt, the market might start setting up itself for a series of lower lows to test 2015's low point of 1867.
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 = Bullish 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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