Tuesday, May 9, 2017

Elliott Wave Stock Market Update - May 9

Prices managed to make a marginally higher ATH but bullish momentum seems to be fading. The number to watch to confirm the beginning of a correction is 2380. A change in the TA, coupled with a break of 2380 would open the doors for a sell-off, with 2322 as the first target. I normally not bearish, but it is May and now that the target for the multi-year pattern is complete, a real correction could come in the next few weeks.

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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