Elliott Wave Stock Market Update - May 8

The market gapped up and went right thru the 50 DMA and the TA after the jobs reports was announced, adding more confusion to the overall direction of the market. Despite of this, a new high needs to be made to negate the damage from the sell off earlier in the week. Also, the factors I mentioned yesterday remain so as I said a few days ago, whether a new high is coming or not, my feeling is the market is going to take a break sooner rather than later. I am keeping the VXX I bought yesterday for a while.

Have a great weekend!

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


Short Term Trend = Bearish trend being challenged
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.