Elliott Wave Stock Market Update - May 24

The market rallied substantially today following the micro-count posted. I was hoping prices would go just a bit lower to trade the Inverse Head and Shoulder's pattern but unfortunately bulls decided to leave without me. However, there will be more chances to get in the near future. I try to keep my risk at 3:1 (risk 1 for a 3x return) so that even if there is a 50/50 profitable trade rate, I'll still be substantially ahead.

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. 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.