Friday, February 19, 2016
Elliott Wave Stock Market Update - February 19
The market has continued to consolidate gains and should start to rally early next week as long as today's low of 1902 doesn't get breached. Oil's sell off did not help but assuming major producers can agree to some sort of freeze or even cut in production, oil prices will stabilize going forward. Demand for oil is strong (8 year high), producers just need to eliminate that extra million barrel a day flooding the market.
Also, I was looking at tax plans being proposed by candidates and wanted to post the following link. As much as I think Trump is a clown, he has the best tax plan and one that would save me a lot of money. The worst thing that could happen to this country would be a Sander's presidency given his communist tax plan. If Sander's were to win, there will be a major stock market collapse for sure.
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 = 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.