Tuesday, April 19, 2016
Elliott Wave Stock Market Update - April 19
As stated ast week "If we go by wave length, the ideal bottom would be around 2075-2077 before a W5 to challenge resistance at 2104". The count posted has followed the projected path more or less by bottoming at 2073 and possibly topping today at 2104. I'd like to see confirmation the 5 count is over by a test of the Trend Average in the next couple of sessions. However, if 2104 gets taken out then we could be seeing a sub-divided 5th that could reach much higher. As much as most people think the market is random or manipulated, the market tends to follow a path most of the time. I used the same calculation for this micro-W4 as I did for the LT-W4 target of 1820 last year for the LT chart and so far the recent 1810 bottom is looking increasingly like LT-W4.
For an more detailed analysis of the current wave please visit http://www.ewaveanalytics.com.
Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bearish trend being challenged
* 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.