The market went into what seems like a W4 correction so far and prices should make a higher high soon to complete the 5 count from the 2417 bottom. Once complete, we could see the next correction bring down prices to close the gap left couple of days ago to possibly test 2430. If prices fail to hold at support, the we will see lower lows ahead. I raised my stop on my remaining longs to 2430 just in case the 5 count fails.
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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