The market continued its bounce earlier today before giving up gains and we could see the resumption of the sell-off in the next day or two if the high today doesn't get breached. I am assume the low at 2593 will be tested but ideally we should see the 200 DMA tested which at 2537. If we see this 5 count materialize, this could be the beginning of not just a correction but a bear market.
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
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