Wednesday, April 26, 2017

Elliott Wave Stock Market Update - April 26






















The market got very close to making an all-time high early in the morning but reversed after hitting a high of 2398. There is a good chance we will see a new high in the next few sessions so we might get the "Sell in May" I have been talking about after all. I think the tax cut proposals by Trump is long overdue and I know, as a businessman, that lower taxes for business encourage growth, investment and stronger economic expansion. I am not the biggest fan of Trump, but I really like the tax plan. I just hope they pass it without all the typical political drama in Washington.


For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish


Tuesday, April 25, 2017

Elliott Wave Stock Market Update - April 25






















If there was any doubt yesterday the trend had turned bullish, today's follow-through action solidifies the trend change. I was expecting a pullback before more upside but momentum seems firmly behind the bulls. in fact, I wouldn't be surprised to see a new all-time high before any substantial correction at this point. The NASDAQ closed at an all-time high, so maybe that index shows where the broader market is headed for the next few weeks. I will get back in during the correction, just hope it doesn't take forever.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish
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

Monday, April 24, 2017

Elliott Wave Stock Market Update - April 23






















The market rallied past resistance today and the trend has turned positive again. The outcome of the French election is the excuse so not sure how sustainable the rally is. But the bottoming pattern has been correct and now that resistance has been cleared, I am looking for a 5 wave pattern to confirm the market is in for another bullish cycle. If 2361 holds the coming pullback, then it's a sign prices will be headed towards 2400.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish
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

Friday, April 21, 2017

Elliott Wave Stock Market Update - April 21






















The market went into a minor correction today but its too early to tell if there will be another challenge to resistance. The bottoming pattern looks like it could hold but with the French elections this weekend and other geo-political issues, the market could find an excuse to revisit the 2322 low again. The one thing that could be a positive and one which I am paying close attention to, is the tax cuts  proposal next week by Trump. I hope he cuts taxes at the higher end as this will incentivize the economy. I live in a state where basically 50% of my income (in Federal and State taxes combined) above a certain level goes to the government. And what incentive do I have as an entrepreneur to work more when the government takes an equal or higher share of my earnings? it's ridiculous and highly damaging to a free market economy. If they want more money, they should focus on being more efficient first before asking working people for half their income.

Anyway, hope everyone has a good weekend!

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

Thursday, April 20, 2017

Elliott Wave Stock Market Update - April 20






















Prices rallied substantially today and made a higher high just below the resistance level I mentioned couple of days ago. If prices manage to make a lower high on the retrace, there is a good chance the correction is over. However, a breach of recent lows means there is still room to go down before a bottom is found. I am playing it safe, so I sold my long positions for a minor profit and looking to re-enter on the retrace.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish trend being challenged
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

Wednesday, April 19, 2017

Elliott Wave Stock Market Update - April 18






















Prices rose early morning to make a higher high but got stopped at resistance and reversed  for most of the day. The bottoming pattern still remains but recent lows should not be breached as that would mean more selling ahead. I meant to raise my stops to break even in the event of a bullish open but I got lazy. So now I am just hoping bulls can regain control in the next session or two.

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 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

Tuesday, April 18, 2017

Elliott Wave Stock Market Update - April 18






















Prices retraced some of yesterday's gains and and there is now a bottoming pattern in place. I favor a higher high for the current bounce but the real test will come at the 2366 resistance level. I went long at 2342 and I am setting a tight stop just in case.

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 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