Elliott Wave Stock Market Update - April 14

The market made a lower low this morning before bouncing the rest of the day to close the day slightly positive. The wave count remains the same and if right, we should see a rally as soon as tomorrow. Considering oil has a decent chance of breaking out and the earnings reports, the market might have a good excuse for a strong rally. Alternatively, if the market goes for the 2074 support level, then we might see another correction but I don't think that's likely at this point.

I am kicking myself for selling all my oil yesterday as it rallied today. I just hope it will come down one more time so I don't miss the upside, if WTI $54 breaks then it should shoot up substantially.

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