Elliott Wave Stock Market Update - May 11

The rally was not able to follow through today and the micro 5 count posted looks like it could be invalidated. The wave today doesn't look right for a W4 but technically the count still has a chance of completing. If the market continues to sell off, there are several layers of support in the 2045-2050 area and could end up being another opportunity to go long with limited downside risk. I sold the rest of my longs at the TA as planned and will go long again if there is a good set up.

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


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