Monday, February 22, 2016
Elliott Wave Stock Market Update - February 22
As expected the market has rallied to the 1947-50 DMA level in what seems like a 5th wave. In order for bullish momentum to continue, prices need to break out of this resistance area. If the count posted is correct, we will see a correction of the entire rally in the next few sessions to probably test 1887 support or the Trend Average. If the correction is able to turn the TA negative, then bears still have some energy left and could surprise to the downside.
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.