The market gapped down but was able to bounce off support to erase losses and close the day mildly positive. This bounce creates the bottoming pattern I pointed out on Friday and failure to go below 2692 sets up the market for a rally and a change of trend in the next few days. I was expecting and hoping for a bigger correction but maybe the market just wants to correct sideways instead so we might just see 2800 challenged again.
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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