I went to Legoland again earlier today, so didn't get a chance to update. However, not much happened and the expectation is the same as yesterday. Prices closed again under the Trend Average, but it was not much below, so the TA remains challenged but not bearish just yet. If we see a strong bearish wave on Monday, it will likely be a W3. Until then, I am going to assume resistance will be tested again but not ATHs.
Have a great weekend!
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bullish 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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