Happy New Year!
The market sold off substantially today and could go much lower if the count posted is correct with the bulk of the selling coming in the next day or two. All the issues that were used as reasons to sell last month remain and if anything, the announcement by Apple of lower revenues ahead only adds to the list of excuses. Also, the government shut down could start turning into an economic problem if not fixed soon.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish
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
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