The market continued its correction today and the W4 low I mentioned yesterday was taken out, so we could see further downside after a bounce towards 2850. Prices would have to make an all-time high to invalidate the current bearish set up but I am not all that confident of a major sell off just yet, despite the historically overbought conditions. I might buy back the shorts I stopped out of few weeks ago if the 2850 level is reached.
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
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