Prices fell below support today before bouncing back towards the end of the session. This breach of support solidifies the bearish downtrend and we could see an acceleration of the sell-off in the next few sessions. Unfortunately for me, I was super busy earlier in the day and I am now at Legoland so didn't get a chance to short. But I am happy with gold and maybe there will be another sucker rally soon.
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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