Wednesday, May 18, 2016

Elliott Wave Stock Market Update - May 18

The market couldn't make up its mind in today's volatile trading. A lower low was made at 2034 before bouncing to close the day even. Unless we see strong selling very soon, I think a new rally is about to come as many oscillators have reset. I ended up selling half my longs at the TA test but then stopped at break even on my other half during the sell off. I am looking to go long again if I see another favorable trade pattern.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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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