Prices closed marginally higher today in what looked like consolidation. This sideways move could be a B or a shallow W2, so I expect the resumption of the counter-rally in the next day or two. The TA has dropped to 2680 and I assume it will be challenged before the end of the week, whether the market will start closing above it is another question. Also, the 50 DMA at 2720 might serve as a magnet for this bounce, so we should find out soon if the rally really has legs.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
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 trend being challenged
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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