Wednesday, February 1, 2017

Elliott Wave Stock Market Update - February 1

The market staged a nice bounce early morning that was sold into the rest of the day. The TA continues to have a bullish bias but the chart pattern is troubling as we could see a hard sell off if support fails to hold. So unless we see a convincingly rally in the next few sessions, my assumption is we are going to see a sell-off to test the 50 DMA at 2251. All it will take is a crazy late night/early morning tweet from the POTUS.

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

Short Term Trend = Bullish trend being challenged
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

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