Wednesday, February 24, 2016
Elliott Wave Stock Market Update - February 24
As stated a few days ago "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". Support and the TA were tested as expected and the strong reversal signals the beginning of another impulse towards the 2000 level. There is still the possibility of another leg down to support levels again but the counter rally was strong today and a break of 1947 would confirm the correction is over.
On a side note, it looks like Trump will be the Republican nominee. If someone would have predicted this a few years ago, I would have had a good laugh. And to be clear, a Trump presidency would be awesome for my income as I would pay a lot let taxes but not sure about having this man running the country. The GOP is officially a disaster.
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.