Friday, February 12, 2016
Elliott Wave Stock Market Update - February 12
As stated yesterday "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". The market has followed through on its counter-rally and the big test will be the 1881 level. If the rally gets past this resistance level, the most bearish scenario will be eliminated and will open the doors to a more sustainable rally. The question then be if the the LT W5 has started. I haven't updated the Long Term chart (same count for the last 5 years) since August last year and the labels posted on them were from then as I have no touched it since. Notice based on my calculation the price and time for LT W4 and where the market is today. I'll let the chart speak for itself.
Have a great weekend!
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bearish
Long Term Trend = Bearish