Elliott Wave Stock Market Update - June 21

Not much to report on today's price movement. The count remains the same and I'm just looking for confirmation of a 5th wave for the micro-count or the start of another bearish leg to test the 2025 level. I sold the rest of my long positions so I am now back to waiting on another trade set up.

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 - June 20

The market broke out of its Diamond Pattern this morning and reached the expected target at 2100 before pulling back for the rest of the day. Prices followed the plan I speculated about last week by going for a lower low at 2050 and then rallying back to test the TA. Now the question is whether buying momentum can be maintained. If the micro-count turns into a 5 wave count, then the correction could be done and we could see highs for the year challenged soon. However, if the current wave turns out to be an zig zag, then we should see another leg that will take the market down to 2025.  The level I am watching is 2079.62 as a breach of this level would imply more selling ahead. I sold half my long positions at the open as planned and I raised my stops on the rest to 2079.

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 - June 17

The market went into consolidation mode today and there is arguably a Diamond Bottom pattern in place. We'd have to see a decisive move above 2079.62 to confirm the pattern and would imply a target of 2100. At the same time, if prices break below 2062.84 then the pattern is eliminated and the low set yesterday would be tested. Since the Trend Average hasn't been tested yet, I favor a bullish break out of the pattern. I raised my stop to 2062 and still looking to start selling on a TA test. Ideally, we'd see the counter-rally exhaust and then another wave to take the market to the 2025 level.

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 = 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 - June 16

The market made a lower low and tested the 2050 level as expected before rallying for the rest of the day to end in positive territory. The next level of significant resistance is 2085 and I am assuming the Trend Average will tested around that level. What happens after that test remains to be seen as the selling will continue if the TA remains bearish. I ended up going long near support as planned and I already raised my stop to break even. I will start selling half or all at 2085 or the TA.

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 - June 15

Prices jumped early in the morning only to sell off in the last hour of trading. The pattern lines up with a 5 count that will end up making a lower low in the next day or two. And as I said couple of days ago, a test of the 2050 support level would be ideal for the count to finish and then have a rally to test the declining Trend Average. I will go long if I see the 5 count complete and will be using support as my stop.

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 - June 14

Prices made a lower low as expected and could see one more bearish wave to complete a 5 count tomorrow. Arguably, the structure could have been completed today at 2064.10 but it would look much better with another wave to test the 2050 level. The market is oversold at this point and could see a strong counter-rally once a bottom is found. I might take a long position near support in expectations of a Trend Average test.

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 - June 13

The sell off continued today and the market closed below the 2085 support level. While a bounce could occur in the next sessions or two, the next level of significant support is around the 2050 level and 2025. So we could see selling accelerate until a floor is found for a counter-rally. I will go long if the 2025 level gets tested and will use the 200 DMA as the stop.

National mood is obviously affecting the market after what happened in Orlando. It is very clear to me that ISIS is waging a war against us by producing propaganda for susceptible idiots here to consume and launch these types of attacks. A terrorist doesn't need to go to Iraq to train, all they need is an internet connection to be radicalized. So I hope Obama and the next President identifies the root of the problem and eradicates it. Obama keeps on talking about Muslims when the problem is ISIS and Al Qaeda. These groups need to be dealt with (and not with Obama's wishy washy strategy) and destroyed or they will keep doing this to us.

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.