I thought the market was going to go a bit higher before coming down to test the 50 DMA but it happened sooner than I expected and we should find out soon if the rally really has legs. If we see a strong impulsive move this week then we are are looking at a nested bullish 1-2. If we see just a higher high then the market will need a bit more time before it stages a substantial rally. I ended going long at the 50 DMA as I had been planning.
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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