Prices rose early morning to make a higher high but got stopped at resistance and reversed for most of the day. The bottoming pattern still remains but recent lows should not be breached as that would mean more selling ahead. I meant to raise my stops to break even in the event of a bullish open but I got lazy. So now I am just hoping bulls can regain control in the next session or two.
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 trend being challenged
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
No comments:
Post a Comment