Tuesday, April 21, 2015

Elliott Wave Stock Market Update - April 21

The market gapped up earlier in the morning today and came close to the 2011 level I mentioned yesterday before going back below 2100 and closing barely above the Trend Average. A triangle pattern looks to be in play and there should be a break out as soon as this week. There's also a good potential for an Inverse Head and Shoulders that targets 2148 and we'll see if there's enough left in the tank for bulls to start a rally as soon as tomorrow. As it is, I rather be on the defensive given the lower highs and the breach of the lows last week  so I'm holding on to my VXX until there's a decisive bullish move.

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.

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