The market continued its bounce today and closed challenging the Trend Average. However, we should see prices drop substantially next week to a lower low if the count is correct. If prices are able to keep rising and recapture the TA then we could see prices headed towards the 50 DMA challenge sometime in January. We'll see if Monday repeats what happened on the 24th.
Have a great weekend!
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bearish
Long Term Trend = Bearish
* 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