Wednesday, May 20, 2015

Elliott Wave Stock Market Update - May 20

The market made a lower low early morning and then rallied to a new all time high, which is what the count had been calling for. Technically speaking, the entire structure from 2067 could be complete but waves do not look proportionate.  Ideally we'd see more upside before a "top" is in place for a correction to the Trend Average, but the market is free to start its correction (or sell off) with today's high. We'll find out very soon if we'll see the sell in May effect, specially when the Trend Average gets tested.

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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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