The market has continued to correct and time is running out for a 5th wave to complete the count. So, if the labels are correct on the chart, we have to see a rally tomorrow towards a higher high before we see a bigger pullback. Closings below the TA are not good sign for the bullish case, so a failure to recapture the trend will lead to lower lows, maybe even a test of the 200 DMA.
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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