Monday, May 2, 2016

Elliott Wave Stock Market Update - May 2

The market bounced sharply today and came close to invalidating the bearish micro-count in place. The count looks out of proportion as it is but I'll continue to assume a lower low until the 2086 gets breached. If bulls are able to get past resistance and get to 2100, we could see a set up for a challenge to all time highs. I am hoping for more downside to get a good position but I might have to buy if there's a favorable pattern.

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

Short Term Trend = Bullish
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

No comments:

Post a Comment