The market went into a selloff after opening higher in the morning. The low today came close to the "target" I had mentioned yesterday but I don't think the market is anywhere near done. If we see selling acceleration in the next few sessions I will label the current wave a bearish W3 as that is what I am suspecting at the moment. A strong bearish wave will end way below the 200 DMA and create a death cross sometime in May. I am hoping this will be the beginning of a bear market that will send prices below 2000 but it's still too early to tell.
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
No comments:
Post a Comment