Elliott Wave Stock Market Update - May 5

There was a rally attempt early morning but gains faded by the end of the day. A couple of more corrective waves would effectively reset oscillators and set the market for another strong rally. But it's not clear yet if we will see just the 50 DMA tested or the support range between 1993-2020. 

My long position was stopped out at break even since I raised my stops to my buy price (perhaps prematurely). I'll try again when I see another lower risk/high reward set up. 
 
Short Term Trend = Bearish
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 - May 4

Last week I stated "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". The 2045 low today technically tested the 50 DMA at 2040 and this might be as low as the market gets in the short term if the current wave is indeed a C. Also, this lower low completes the count I had been following since last week. However, I don't really like the way the 5 count looks despite being technically sound and it might be better to label it a zig zag. The alternative for that zig zag is a bearish 1-2 set up with a strong sell off ahead. I will be get in long with a stop at 5 points below the 50 DMA.

Now with Trump being the presumptive GOP nominee, I hope he will pick John Kasich as his VP. If he does that, at least he can persuade those that lean towards establishment Republicans to vote for him. It would also show that he is not as crazy as he sounds. He needs to win the Midwest to win the election.

http://www.cnn.com/2016/05/03/politics/road-to-270-electoral-college-map/index.html

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
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 - May 3

The market gapped down this morning and struggled for the rest of the day. However, a lower low hasn't been made and the micro-5 count remains incomplete. What happens tomorrow could end up setting the tone for the next few weeks if the sell off accelerates. However, if the 2052.28 low remains in place then we will likely see the market rally again towards the recent 2111 high.

Lastly, I think it is now safe to say Trump is going to be the GOP nominee. If Republicans lose the election they will have no one to blame but themselves. One thing that is for sure is that Donald will be all out on Hilary and that will make this campaign one of the most entertaining ones ever. My prediction is if he manages to make Hilary angry (like he has done with Rubio and Cruz), Trump will have a shot. I think he is clown but at least he has tax plan I really like.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
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 - May 2

The market bounced sharply today and came close to invalidating the bearish micro-count in place. The count looks out of proportion as it is but I'll continue to assume a lower low until the 2086 gets breached. If bulls are able to get past resistance and get to 2100, we could see a set up for a challenge to all time highs. I am hoping for more downside to get a good position but I might have to buy if there's a favorable pattern.


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 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.