Thursday, May 11, 2017

Elliott Wave Stock Market Update - May 11

Prices dropped early in the morning but were able to bounce off the 2380 support level I mentioned couple of days ago. So far, it looks like momentum is waning but we need to see support break for a real correction to begin. Otherwise, we will see more highs ahead. It's tempting to short using the ATH as a stop but have to see a few more sessions.

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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