Bulls mounted an aggressive counter-rally that threatens to reverse the newly formed downtrend. However, until the most recent lower high at 2350 is breached, the assumption is that the downtrend will continue. If the market keeps going up tomorrow, I will short and use 2350 as the stop, it'd be a low risk/high reward set up given how close prices are to what I have labeled as a W2.
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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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