Elliott Wave Stock Market Update - April 13

The market made a higher high for the current wave structure at 2107 before starting a correction. If the labeling is correct, this pullback is part of a bullish nested 1-2, so we have to see a strong rally in the next session or two to confirm. Also, it's worth noting small caps made a new intra-day all time high and that might be a sign of what's about to come to the broader market.

I ended selling oil for a profit again and I'm hoping to buy it back at a test of support. It looks like oil wants to break out and the key will be support to keep holding pullbacks. I just hope I don't miss the break out by constantly position trading.

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

Have a good weekend! 


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