The TA was tested again today but the close was above the TA. So I assume there will be a bullish wave coming as soon as tomorrow. We could see a sideways move before more downside or a rally towards the 2111 level before going back down. Also, there are now official Golden Crosses on the DJIA and the SP500 so the long term trend will very likely change to the bullish side this week. I will go long on a substantial pullback.
For an more detailed analysis of the current wave please visit http://www.ewaveanalytics.com.
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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