The market had a strong day today and closed the day substantially above the Trend Average. Still, the index remains vulnerable to substantial selling unless prices are able to get past 2682.92. I didn't commit to any positions today but will go short with a stop a resistance on Monday unless the bearish downtrend is invalidated. Also, I posted a longer term chart to point out a possible incomplete count. Looking at it, one can see it is the missing 5th wave which would fit perfectly and make it a textbook 5 count. Prices have been triangulating most of this year and essentially resetting the weekly oscillator, so the base for a rally will be there. Fortunately, we have the Trend Average indicator that will keep us on the right side of the trade, so whether this count materializes or fails won't matter as much.
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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