Elliott Wave Stock Market Update - April 29

The sell off continued today and there is enough bearish momentum for a 50 DMA test next week. The micro-count posted would be invalidated on trade above 2086.09 but it will take a strong counter-rally go get that high. Perhaps some panic selling will actually benefit the bullish case, so a test of the 200 DMA would not be all that bad at all. Hopefully there will be lower levels next week so I can start building long positions.

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 = Bullish
Medium Term Trend = Bullish

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.