Prices made another all-time high at the opening today but gave up all its gains to break support at 2465 before rallying back to close the day even. The close was still over the Trend Average but the break of what I have labeled as a W4 favors the beginning of a correction. To confirm the market will start a deeper pullback and not just consolidate to rally again, we need to see the closes below the TA in the next session or two. I initiated shorts at 2468 and using a relative short stop for the position in case bag holders come back in force.
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Short Term Trend = Bullish
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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