Elliott Wave Stock Market Update - February 23

The market "corrected" as expected on what seems like a (II) of W5. And this lines up well with the 2150 target for the completion of W5 if we get a 5 impulsive count. The oil sell off is not affecting equity markets for now, but perhaps it will be the reason to start of a correction once the 5 waves are completed. The oil excuse worked well in January and it should work again once buying exhausts in stocks.

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