The market started a correction as expected and assuming the top at 2075 doesn't get breached, we should see lower lows in the next few sessions. I'm assuming the Trend Average will be tested at very least but considering how far the market has come since February, a correction to the 200 DMA or the 50 DMA would be more reasonable. If the TA is able to hold the correction and maintain its bullish signal, then it will mean bulls are not done yet.
For an more elaborate analysis of the current wave please visit http://www.ewaveanalytics.com The current rally in equities and oil was called almost perfectly over a month ago on that site.
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bearish 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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