Elliott Wave Stock Market Update - February 17

The market has made new highs as expected, closing at a nice round number of 2,100. I see the W3 sub-division waves as completed, so I am assuming we will see a correction as soon as tomorrow for a W4. However, if euphoria is truly back, then we could see the market continue to go up slowly. Considering Greece and the EU failed to reach an agreement, the market is doing really well as news that would have caused a sell off a few weeks ago are now being ignored. And I hope the rally continues so I can short (to hedge) this properly when the waves are completed. For now, my longs are looking good and probably will break out again soon.

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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