Wednesday, June 18, 2014

All Time High

The market made another all time high today after the Yellen spoke. Normally, a rally comes after news like an upward revision of GDP and not a downward revision, but this market simple doesn't care. At this rate, the market might even rally at any hints of a recession! lol. Anyway, the wave I have labeled a B is still in play for an expanded flat. But the market can't go up much further as it would probably turn into a bullish 5 count. The B wave was very choppy up until later in the session today, so we'll have to see what happens tomorrow. Another possibility is a Cup and Handle formation, which would target 1986. I am selling the volatility position at anything less than a substantial sell off in the next session or two and will keep the oil.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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 into consideration other factors.

Elliott Wave Analytics

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