Wednesday, February 17, 2016
Elliott Wave Stock Market Update - February 17
The market has continued to rally as expected and we might see the 50 DMA (currently at 1960) tested without much of a retrace in the next few days. Sometimes, market reversals become what I call "stand alone W3s" and this bullish wave might evolve into one. The next resistance level is 1947-1960 and if these levels don't hold the rally, we could see a short squeeze that will send the market towards 2000.
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.