Friday, April 10, 2015

Elliott Wave Stock Market Update - April 10

"But the TA has proven me wrong so many times, I don't question it anymore."

Today is an example of why one has to be mindful of the trend. Upper resistance has broken and now all trends are back to bullish. Most importantly, we have a new bullish cross on the daily MACD so now the bias is clearly bullish and odds are new all time highs are coming very soon. The bear camp almost managed to turn the market this time but almost was not enough as 2039 never broke. I labeled a potential bullish 5 count and the W1 looks strange because of the cash market print. One has to keep in mind the rally started in pre-market that day and the count looks much better using that chart. But for the sake of keeping it simple, we'll just use the cash market chart and label as is. If the count is correct, new all time highs are a given at this point.

I am glad I sold my VXX yesterday as it lost 5% today. I will buy it back much cheaper when this bull run is over and it will probably be in the teens by that time. I am keeping my oil longs and enjoying the mania in China, which hopefully will continue for for a while. I waited for years for the market to break out in China, so it was about time.

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

Have a good weekend! 

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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