The market had its worst sell off today since the elections and the rising 50 DMA looks like a potential target for the correction. The excuse was the ongoing debate in Congress on Trump's policies but this sell off should not come as a surprise since the market has been going parabolic for months. We could see a substantial bounce before the 50 DMA is tested but for now its best to be cautious on being long.
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 = 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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