Prices tested support as I had been expecting since last week and there was a counter-rally attempt towards the end of the day. Obviously, it's too early early to tell if a bottom is finally in but I see a potential bottom at 2354.54 if another bearish wave fails to make a lower low. I closed my shorts from last week for a few cents of profit and I went long at 2161 with a stop at today's low.
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 = 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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