Prices managed to make a new ATH early in the morning but gains were erased by the end of the day. The reason was the initial euphoria over tax cuts but unless bulls are able to find a bottom before breaching 2605, we could see a much bigger pullback. The next substantial correction should bring down the market to at least its 50 DMA and we should get an idea in the next few sessions.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
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
No comments:
Post a Comment