Elliott Wave Stock Market Update - February 9

The market started a correction as expected and we could still see more downside to the 2025-2030 area. The big question is the wave after the correction is over, if it's a W3 then new time highs are highly likely. Oil continues to be support the stock market, but now that the 50 DMA was tested today at $53.92 as I had been expecting, we could see a resumption of another bearish wave in oil. Which in turn could be used as an excuse for the stock market to sell off again. For now, bulls continue to have the upper hand but need a good excuse to start a strong rally.

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 = Bearish trend being challenged

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