Elliott Wave Stock Market Update - April 9

The market simply refuses to go down and it now has a chance of breaking out to the upside given the pattern, which looks like an ascending triangle. Additionally, the close was above resistance and one more positive day and the intermediate trend goes back green as well. So I guess this is one of those rare occasions where the signal is getting whipsawed. If a break out occurs, we're looking at an upside potential of 2148 or more, specially because of a renewed daily MACD cross.

I ended closing my VXX position at a loss despite having this feeling the market wants to go down. But the TA has proven me wrong so many times, I don't question it anymore. So hopefully, we'll get an easy to read 5 wave impulse to the upside to get back what I sold, which should be considerably cheaper then. If I'm wrong on this trade, I'll just go long at the bottom.  I rather be wrong than be a masochistic trader.

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 = Bearish 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 whipsaw