Yesterday the Naz watched the bullish bandwagon taking off from the pier only to go the other way today reversing lower suggesting we are at least in a consolidation that should bring the index down to 6700 close to the 38.2% retracement and previous small fourth wave, a typical market behavior for a pullback.
We are very confident about the consolidation but way less on the way we label the price. It is so subdivided that there's many ways to label the action. Yours is as good as mine. Let's take it one wave at a time.
The bottom line is we are at least in a correction that should last more than one day. The Naz just caught up with the DAX which itself could not retain its early gain confirming our outlook for at least one more drop for the index ( same for the Euro 50 ).
We remind you because of the AD line making new high, we are still bullish long term.
We are very confident about the consolidation but way less on the way we label the price. It is so subdivided that there's many ways to label the action. Yours is as good as mine. Let's take it one wave at a time.
The bottom line is we are at least in a correction that should last more than one day. The Naz just caught up with the DAX which itself could not retain its early gain confirming our outlook for at least one more drop for the index ( same for the Euro 50 ).
We remind you because of the AD line making new high, we are still bullish long term.
