Wednesday, February 3, 2016
Elliott Wave Stock Market Update - February 3
The market bounced right off the 1872 support I mentioned yesterday and ended up closing the day comfortably above the Trend Average. However, the 1872.23 low today eliminates the possibility of an impulse count that had originated at 1872.70 a few days ago. So while on the surface the market appears bullish, the pattern is biased towards the bearish side. There is a head and shoulder's in place that targets 1797 and the only way we would see this pattern reversed is if the rally continues and breaks resistance at 1947.20. Seems like bulls haven't made up their minds yet.
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.