Elliott Wave Stock Market Update - April 2

The market managed to put in a positive day as I was expecting but the advance was stopped by the 50 DMA. Also, the potential bullish micro-count overlapped and we have a Head and Shoulders targeting 2012, so charts are looking bearish. A clean break of 2039 will confirm the downtrend next week but a failure to do this will likely result in a strong rally. I suppose the jobs reports tomorrow could be used as an excuse for the next market move. 

I went long oil today since the Iran negotiations seems to have been settled and bought back VXX. Hopefully oil shoots up to $60 and VXX to $30!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
Medium Term Trend = Bullish 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