The market rallied substantially today towards the Trend Average and this invalidated the bearish 5 count I had originally posted. That doesn't mean 2407 is out of the question, as the market could be just bouncing on a B or bearish W2 wave. Also, the TA continues to be bearish and further selling could come as soon as tomorrow or Wednesday. With that said, if bulls manage to start closing above the TA, then we could be in for another sideways correction.
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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