Prices rallied substantially today and made a higher high just below the resistance level I mentioned couple of days ago. If prices manage to make a lower high on the retrace, there is a good chance the correction is over. However, a breach of recent lows means there is still room to go down before a bottom is found. I am playing it safe, so I sold my long positions for a minor profit and looking to re-enter on the retrace.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish trend being challenged
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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