Wednesday, April 20, 2016
Elliott Wave Stock Market Update - April 20
I had issues with laptop so I couldn't add this update earlier. Basically, I was wrong on the top being 2104 as the market seems headed towards the next resistance level at 2116. There is a wedge like pattern in place so I'll assume prices are about to find a top in the next session or two. Oil has regained strength again and seems headed towards $50, so there will be enough of an excuse for equities to go for the ATH with or without a correction. I wonder how many people still believe this is a "bear market" at this point.
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.