Tuesday, February 9, 2016
Elliott Wave Stock Market Update - February 9
The bounce made a higher high today and was just a few points shorts of invalidating the potential bearish 5 wave count. But as long as 1872 doesn't get breached, there is a good chance of a lower low coming in the next session or two. Oil was down as much as 8% today and this could be used as an excuse for the markets to sell off. The bias continues to the downside.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish
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.