Elliott Wave Stock Market Update - February 11

The market continues to follow the possible bullish W3 count and it looks like the excuse will be the  Greece negotiations with the EU. I believe waves can predict sentiment but not actual political outcomes, so if Greece doesn't leave the EU we should see the W3 materialize. But if the Greeks decide to leave the EU, then I assume there will be some sort of pattern failure as I can't imagine the market rallying. For now, all trends are back to bullish. Also, oil continued to sell off today and its TA is at risk of turning bearish. But the stock market doesn't really care, I'm sure if we get a big equity rally then oil could be used as an excuse to correct again.

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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 whipsaw