Monday, February 1, 2016
Elliott Wave Stock Market Update - February 1
A higher high was put in today and I see a micro 5 count completed with this high. I have yet to label the other ways until I get a better idea if this is a corrective move from the 1812 low or the beginning of a sustained uptrend. Oil retreated substantially today but that didn't affect equities all that much and that is in itself a sign equity bulls are in control at this point.
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
Long Term Trend = Bearish
* 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 whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.