As stated last week prior to the sell off "The less bearish wave pattern would have this wave bottom in the 1812-1820 area". Today's break of 1881 resistance confirms the bottom at 1810 and we could see sustained upside to the 50 DMA currently at 1963. While it is too soon to call for a change of the long term trend, the bottom at 1810 lines up almost perfectly with my prediction of the LT W4 bottoming at 1820. Stable oil prices and a shift in sentiment in markets around the world will help the market move towards the 2000 level 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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