Thursday, February 11, 2016
Elliott Wave Stock Market Update - February 11
The market resumed selling today as expected and the 1812-1820 area I've been mentioning was challenged. There was a substantial bounce from the 1810 low today that could evolve into a full rally as long as 1810 doesn't get breached. Alternatively, if the more bearish option is in play, a rally that falls short of making 1881.60 would set up for the market for a strong sell off to the 1700's.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish
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.