Tuesday, May 3, 2016

Elliott Wave Stock Market Update - May 3

The market gapped down this morning and struggled for the rest of the day. However, a lower low hasn't been made and the micro-5 count remains incomplete. What happens tomorrow could end up setting the tone for the next few weeks if the sell off accelerates. However, if the 2052.28 low remains in place then we will likely see the market rally again towards the recent 2111 high.

Lastly, I think it is now safe to say Trump is going to be the GOP nominee. If Republicans lose the election they will have no one to blame but themselves. One thing that is for sure is that Donald will be all out on Hilary and that will make this campaign one of the most entertaining ones ever. My prediction is if he manages to make Hilary angry (like he has done with Rubio and Cruz), Trump will have a shot. I think he is clown but at least he has tax plan I really like.

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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