Elliott Wave Stock Market Update - April 29

The sell off continued today and there is enough bearish momentum for a 50 DMA test next week. The micro-count posted would be invalidated on trade above 2086.09 but it will take a strong counter-rally go get that high. Perhaps some panic selling will actually benefit the bullish case, so a test of the 200 DMA would not be all that bad at all. Hopefully there will be lower levels next week so I can start building long positions.

Have a great weekend!

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 = Bearish

* 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 into consideration other factors.

Elliott Wave Stock Market Update - April 28

The counter-rally topped at 2099.89 and it lines up well as a B or W2 wave. We should find out if this will be a minor zig zag correction or a more sustained correction in the next few sessions.  If the current bearish wave turns out to be a C wave and it equals Ax1.618 in length, we will see a test of the the 50 DMA around 2040. I will go long around those levels with a stop at the 200 DMA.

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 into consideration other factors.

Elliott Wave Stock Market Update - April 27

The market showed resiliency today by managing to close again above the TA despite technology dragging the overall market. The current wave could arguably be a B wave or a W2 with the likelihood of downside in the next few sessions. However, given the short term trend is bullish and the bullish pattern in the minute count, I wouldn't bet on it until 2077.52 support gets breached. Market sentiment has shifted substantially in the last 2 months and the long term trend has now turned bullish as well, so this could be the early stages of a multi-month bull run as long as lows remain intact.

For an more detailed analysis of the current wave 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 into consideration other factors.

Elliott Wave Stock Market Update - April 26

The market rallied at the open as I had been expecting but gains were somewhat reversed for the rest of the day. As I said yesterday, we could see a sideways move or a test of 2111 before another corrective wave so I'm assuming if there is a rally tomorrow it won't last for too long. With APPL selling off after hours, there's enough of an excuse to bring down the market to 2077.

For an more detailed analysis of the current wave please visit http://www.ewaveanalytics.com.


Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bearish trend being challenged


* 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 into consideration other factors.

Elliott Wave Stock Market Update - April 25

The TA was tested again today but the close was above the TA. So I assume there will be a bullish wave coming as soon as tomorrow. We could see a sideways move before more downside or a rally towards the 2111 level before going back down. Also, there are now official Golden Crosses on the DJIA and the SP500 so the long term trend will very likely change to the bullish side this week. I will go long on a substantial pullback.

For an more detailed analysis of the current wave please visit http://www.ewaveanalytics.com.


Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bearish trend being challenged


* 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 into consideration other factors.

Elliott Wave Stock Market Update - April 22

Another low was made at the test of the Trend Average today before prices climbed back to close the day marginally positive. If the TA is maintained next week, then we will likely see the ATH challenged. But if the short term bias turns bearish, then we should see a pullback to the 2040 area. I closed my shorts for a small profit and looking to either short again at resistance or go long on deeper pullback. Also, the golden cross is imminent so this might be the start of a multi-month bullish run as long as it doesn't get whipsawed.

Lastly, RIP Prince. Seems like a lot of 80's musicians have passed lately. Madonna better take care of herself!

Have a great weekend!

For an more detailed analysis of the current wave please visit http://www.ewaveanalytics.com.


Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bearish trend being challenged


* 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 into consideration other factors.

Elliott Wave Stock Market Update - April 21

The market went into a correction today but it still leaves open the door to new highs as the low did not even test the Trend Average. I think there are enough waves for a stronger pullback but given current sentiment, bulls might be able to mount an ATH challenge if they can get past 2116. I closed my shorts towards the end of the day and will buy back the position as it gets closer to 2111. Last but not least, a golden cross is imminent and that event normally favors long term upside. Obviously, as any lagging indicator, the golden cross does get whipsawed (like it did in December) but historically speaking probability favors the bullish side substantially.

For an more detailed analysis of the current wave please visit http://www.ewaveanalytics.com.


Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bearish trend being challenged


* 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 into consideration other factors.