General Tone:
We have hit target of $7,550 and have bounced thus far nicely to the $7,700 region. It's possible to see $7,200 still. We see a death cross (50 and 100 moving average cross over), which signals a very bearish market to come.
If $7,200-$7,600 range is indeed support and ABC is finished, we will then attempt an impulse wave up, which can fail if any impulse wave OR ABC of the 1-5 impulse wave retraces 100% of the structure.
A break above $8,050 validates the bullish count and ABC is finished.
A break below $7,530 validates the bearish count to $7,250 range.
Long Term Bias (6+ months) - Bullish
Medium Term Bias (Next Week) - Neutral
Short Term Bias (Today) - Neutral to Bearish
Long Term Target Prediction - Primary Wave 3, $35,000+ by 2019
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