Tuesday, February 2, 2016

Elliott Wave Stock Market Update - February 2

The market ended up testing the Trend Average today and confirming the end of the micro 5 waves I had labeled yesterday. If the 5 waves are the beginning of a sustained rally, then this correction will not go below 1872 and we will see a break out wave by this week or early next week. However, if 1872 breaks then we could see a continuation of the selling that started early January.

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

Short Term Trend = Bullish
Medium Term Trend = Bearish
Long Term Trend = Bearish

* 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 whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

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