Monday, May 22, 2017

Elliott Wave Stock Market Update - May 22

The market continued its rally to a higher high today and was able to close above the Trend Average. I didn't think there would be enough momentum but I was wrong. Also, there is a 5 count in place from the low at 2352 and this opens the possibility of more upside and even new ATH if the TA turns bullish. With that said, I'd like to see what the bearish response will be in the next day or two as I continue to favor the possibility of an important market top around these levels.

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

Have a great weekend!

Short Term Trend = Bearish 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

No comments:

Post a Comment