Tuesday, May 12, 2015

Elliott Wave Stock Market Update - May 12

The Trend Average and the 50 DMA were tested early today as I had been expecting but the wave doesn't look impulsive, so it seems like the market wants to go for another all time high. The low today creates an Inverse Head and Shoulders pattern that targets 2170, which is a high target considering how much difficulty the market has had clearing recent ATH resistance. But it is what it is, we have a bullish pattern and the trend has reverted to the bullish side again. I still think we'll see the start of a bigger correction soon but the current bias is bullish, so no point in fighting it. I sold VXX at a small loss but looking to buy back again on signs of weakness.

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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