Prices fell towards the end of the session to close in negative territory. This close under the 50 DMA is not good for the bullish case and looking at the wave structure, I can see a zig zag in place from the low at 2532. If the sell-off continues, we will see substantial selling in the next few sessions. However, if prices are able to hold above that 2532 low, the market still has a chance for the resumption of the rally.
Have a great weekend!
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 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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