Tuesday, May 17, 2016

Elliott Wave Stock Market Update - May 17

All the gains from yesterday were reversed in today's sell off. While the short term count is not clear given yesterday's 5 count invalidation, all these recent waves are pointing to a sideways correction and we could see the bull market resume at any moment as long as prices remain above the 50 DMA.  I initially wanted to go long at 2053 but decided to be patient and got in at 2045 instead with a short stop at 2039.

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 = Bullish
Long Term Trend = Bullish

* 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.

Elliott Wave Analytics

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