Elliott Wave Stock Market Update - May 12

The 5 count was invalidated today but the market found support right above the support layer I mentioned yesterday (2045-2050) and rallied back to the Trend Average. The short term bias remains bearish but if the low today (2053) holds, we will see a rally towards the 2100 level. If bears manage to breach support then a 200 DMA at 2012 test is almost certain. I was hoping for prices to reach the 2045-2050 band to lower my risk for a long position but unfortunately prices did not get that low.

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.