The market made another lower low today but the damage was not as bad. The NASDAQ on the other hand is in correction territory and I think is safe to assume all other indexes will soon follow. We could see a substantial bounce in the near term or a very strong sell-off as looking at the waves one could argue for an end of an ABC or a bearish 1-2 set up. Whatever the case, pressure is now on the bulls.
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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