Friday, April 22, 2016
Elliott Wave Stock Market Update - April 22
Another low was made at the test of the Trend Average today before prices climbed back to close the day marginally positive. If the TA is maintained next week, then we will likely see the ATH challenged. But if the short term bias turns bearish, then we should see a pullback to the 2040 area. I closed my shorts for a small profit and looking to either short again at resistance or go long on deeper pullback. Also, the golden cross is imminent so this might be the start of a multi-month bullish run as long as it doesn't get whipsawed.
Lastly, RIP Prince. Seems like a lot of 80's musicians have passed lately. Madonna better take care of herself!
Have a great weekend!
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.