Elliott Wave Stock Market Update - February 12

I mentioned yesterday that sentiment was now bullish and since the Greece negotiation was postponed, no news is good news for stocks. Had sentiment been bearish, we would have seen "uncertainty" headlines and a sell off. But this is a market that wants to go up after correcting for over a month. The NASDAQ made a post-bubble high and it looks like it's going for its all time high this year. So highs should be coming to all indexes very soon, possibly by tomorrow. The target for the bullish 5 count using cash prices is 2210. But since we had that issue with pre-market a week ago, the W1 label could be at 2050 and not 2072. So if we taken into account pre-market then a 5 count targets 2150.

My longs are doing pretty good and I will be looking to short to hedge once the 5 count ends or a bearish pattern appears. For now, it's time to enjoy the ride.

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 whipsaw