Elliott Wave Stock Market Update - May 19

The market counter-rally continued today and managed to test the TA at 2389 before giving up some of its gains. I'd be surprised if the market is able to close the sell-off gap early next week before heading back down but we'll see. I am holding to my gold and silver despite the gains today as I think  they will go up even more once the market unravels.

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

Have a great weekend!


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 - May 18

Prices bounced towards the 50 DMA at 2369 after making a lower low early morning at 2352. The counter-rally was expected and doesn't do much as far as repairing the damage already in place. So the expectation is for lower lows ahead after the bag holders load up. I was tempted to buy some volatility or shorts but instead ended getting into silver and gold, as they will rally as equities come down. The bearish set up is in place and all we need is for Trump to do or say another crazy thing and voila!

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 - May 17

Well, if there was any questions as to why I was avoiding longs in this market, today is why. There are enough waves in place and it's May, so it should not come as a surprise to anyone who has been on this blog that there is a tendency for equities to peak around this time. The close today turns the TA bearish and the close was well below the 50 DMA. We might see a counter-rally towards resistance at 2380 soon but I am looking at 2250-2280 as initial possible target for a correction. Whether or not there will be one more leg to new highs after the correction is open to debate but for all intent and purposes, the entire structure that formed in 2009 has enough waves to call itself done. And as much as Trump is in the news, the sell-off today was destined to happen, he is just the perfect excuse.

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 - May 16

The market made another ATH today but gave up some of its gains for the remainder for the session. Looking at the chart pattern, it looks bullish and could see a break out of range if the high today is broken convincingly. However, I will continue to sit this one out as I don't see much upside from here without a substantial correction first.

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

Elliott Wave Stock Market Update - May 15

The market managed to make a new ATH today after looking weak for the past few sessions. The uptrend continues to stand but prices must breakout soon out of range or risk a significant correction in the next few weeks.  I don't see anything moving the market up substantially in the next few months but we'll see.

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

Elliott Wave Stock Market Update - May 12

Prices closed below the TA for the first time since mid-April and waning momentum favors the possibility of a change of trend as soon as next week. I didn't catch it earlier in the week but there is already a H&S pattern in place and normally a sign of a top. So maybe "Sell in May" is already in place and soon we will see a big sell-off. With all the drama in the White House, there is plenty of excuses for sentiment to turn south quick. I think the last time I saw this much drama in politics was around the Monica Lewinsky scandal 20 years ago. Trump could easily make his tenure as President a reality show, not a single dull moment with this guy.. lol. I just hope he passes the proposed tax cuts  soon before they start trying to impeach him.

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 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 - May 11

Prices dropped early in the morning but were able to bounce off the 2380 support level I mentioned couple of days ago. So far, it looks like momentum is waning but we need to see support break for a real correction to begin. Otherwise, we will see more highs ahead. It's tempting to short using the ATH as a stop but have to see a few more sessions.

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


Short Term Trend = Bullish 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