Elliott Wave Stock Market Update - April 21

The market went into a minor correction today but its too early to tell if there will be another challenge to resistance. The bottoming pattern looks like it could hold but with the French elections this weekend and other geo-political issues, the market could find an excuse to revisit the 2322 low again. The one thing that could be a positive and one which I am paying close attention to, is the tax cuts  proposal next week by Trump. I hope he cuts taxes at the higher end as this will incentivize the economy. I live in a state where basically 50% of my income (in Federal and State taxes combined) above a certain level goes to the government. And what incentive do I have as an entrepreneur to work more when the government takes an equal or higher share of my earnings? it's ridiculous and highly damaging to a free market economy. If they want more money, they should focus on being more efficient first before asking working people for half their income.

Anyway, hope everyone has a good 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

Elliott Wave Stock Market Update - April 20

Prices rallied substantially today and made a higher high just below the resistance level I mentioned couple of days ago. If prices manage to make a lower high on the retrace, there is a good chance the correction is over. However, a breach of recent lows means there is still room to go down before a bottom is found. I am playing it safe, so I sold my long positions for a minor profit and looking to re-enter on the retrace.

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


Short Term Trend = Bearish trend being challenged
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

Elliott Wave Stock Market Update - April 18

Prices rose early morning to make a higher high but got stopped at resistance and reversed  for most of the day. The bottoming pattern still remains but recent lows should not be breached as that would mean more selling ahead. I meant to raise my stops to break even in the event of a bullish open but I got lazy. So now I am just hoping bulls can regain control in the next session or two.

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 trend being challenged

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

Elliott Wave Stock Market Update - April 18

Prices retraced some of yesterday's gains and and there is now a bottoming pattern in place. I favor a higher high for the current bounce but the real test will come at the 2366 resistance level. I went long at 2342 and I am setting a tight stop just in case.

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 trend being challenged

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

Elliott Wave Stock Market Update - April 17

The market managed to mount a decent counter-rally to test the declining Trend Average in today's session. If the TA is re-captured, the bulls have a decent chance of staging a good rally to top in May. But if prices can't get past resistance, then we will see further downside to come in the near future. I am going to be patient and jump back in once the market makes up its mind.

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

Elliott Wave Stock Market Update - April 13

The market attempted to bounce earlier in the morning but bears took control after Trump dropped the mega-bomb in Afghanistan. The news was just basically an excuse to test the 2322 level mentioned a few days ago, so now we have to see of this level will hold or give way for a test of the next support level at 2300. I lucked out and managed to actually profit by selling my longs earlier in the morning and will be buying as close to 2322 tomorrow if I see a possibility for a bottom.

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 trend being challenged

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

Elliott Wave Stock Market Update - April 12

The market has continued to struggle and it has closed under the 50 DMA for the first time since November 2016. If bulls fail to re-capture 2350 in the next few sessions, there will be substantial  downside in the next few weeks. I went long at 2343 with a stop at 2337, so we'll see if the market can reverse itself tomorrow.

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