The selling resumed today and a new low was made at 2628 and puts the index in correction territory. What we will find out soon is whether a bear market is coming (20% decline or more). We should get an idea in the pattern that forms in the next few weeks. I have been waiting for a bear market for a most of the year so maybe it is finally here. I have been accumulating cash since last year so I am hoping to maximize on the opportunity.
Have a great weekend!
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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