The market fell below the 50 DMA today before bouncing back to close just above this trend line. Looking at the count, it lines up well with a bearish 5 count so we should see a new low next week if the count is correct. The big question is whether this is another minor correction or the beginning of a substantial correction.
Have a great weekend!
Short Term Trend = Bearish
Medium Term Trend = Bullish
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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