Thursday, February 4, 2016
Elliott Wave Stock Market Update - February 4
The market made a higher high today but bullish momentum seems to be waning and we could see selling resume as soon as tomorrow. As long as the "Head" of the H&S at 1947 stays in place, the risk is to the downside. Perhaps the coming jobs report will be used as a catalyst to move the market out of range.
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.