Tuesday, February 7, 2017

Elliott Wave Stock Market Update - February 7

The market made a marginally higher high today to complete the a 5 wave micro-count but it fell short by 1 point from making a new all-time high. The DJIA and NASDAQ made new ATH and it might just be a matter of time before the SP500 joins them. But considering there is a finished count in place, I assume there will be a pullback before another attempt to break out from the current range. I sold my longs for a minor profit and looking to buy back on the correction.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com

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

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