Tuesday, February 24, 2015

Elliott Wave Stock Market Update - February 24

All major indexes closed at all time high today and the good times continue. The count remains the same and hopefully we'll see a bullish trust to finish up the (III) wave tomorrow. If we get a decent bullish move, I will probably start building short positions to hedge longs. At some point towards the end of this week or next week we should see a correction to the Trend Average which has now reached 2100. The most likely catalyst for a correction looks like it will be oil, which I am expecting to test its $43.58 (WTI) low since its TA has turned bearish. It will be interesting to see oil make lower lows and it will definitely be a great buy again for another swing trade.

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 whipsaw

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