As expected, the market resumed its rally today and was able to get past the Trend Average. It looks like the 50 DMA is going to be challenged and it could happen in the next session or two. I decided to play it say and sold my position for a nice gain and I will wait for the 50 DMA and see if I see a shorting opportunity,
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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