Tuesday, May 23, 2017

Elliott Wave Stock Market Update - May 22

Prices reached the 2400 level today and with the close above the TA, the short term trend goes back to bullish again. I didn't think this would happen but there is no point in arguing with the market, it is what it is. But since the wave structure seems complete and the prices are so close to ATH resistance, I couldn't help but to short towards the close. I will see a tight stop and I will close at the pullback as there should be one coming in the next session or two.  If prices find support at 2380, there is a chance for a bullish breakout on an IHS.

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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