Elliott Wave Stock Market Update - April 15

The market gapped up and rallied as expected but it was not as strong of a movement as I had hoped. So, I am keeping the count on the chart but unless we see stronger follow through buying tomorrow, it will likely be something else. Oil was able to clear resistance at $54 and it seems to be in the middle of a break out, so if that continues tomorrow, equities could continue to use it as an excuse for more upside. The RUT made an all time high today and we should see the broader market follow, the question is which wave count will take it there.

I ended up buying oil at the break of resistance, so I missed considerable upside by selling couple of days ago. But it's ok considering I've made good money trading it already. Next time I will be more conservative in my position trades, I tend to be overly aggressive in taking profits.

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