Prices breached the 2376 level I was watching so the 5 count I was following is no longer viable. This leaves the market with 2 options, a bullish nested 1-2 that will easily make new all-time highs or a bearish 1-2 set up after an ABC move from the 2354 low. Given that the TA is still bullish, I am going to lean towards the bullish option but should the trend turn negative, it will be time to look at the 50 DMA as a target for a bigger correction. I did not stop out of my long position, instead I will exit if the TA turns bearish.
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Short Term Trend = Bullish
Medium Term Trend = Bullish
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
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