The market broke out of the triangle to make new ATH as expected and managed to top and invalidate the most bullish set up towards the end of the session. While the trend continues to be bullish, the close was under the TA and a breach of support levels created by the triangle will confirm a bigger correction. I ended up buying back the gold I sold last week in case selling in equities gains traction.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bullish trend being challenged
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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