Elliott Wave Stock Market Update - May 26

The market technically went into a correction today in what seems like a micro W4 but the pattern points to at least one more leg to challenge this year's high at 2111. Once the count completes, I expect a test of the rising Trend Average. What happens at that point is still unclear as there is still room for deeper corrections. But I already started building long positions in case this is the start of the LT-W5 to new all time highs. The stops are clear at this point so risk is fairly limited even after this rally. Perhaps 2016 will be the year the stock market finally peaks after a massive rally from its 666 lows. Maybe Pretcher was correct about 2016 being an important year, only that it was a significant high and not the ridiculous Dow 1000 or whatever it was he was predicting years ago.

http://www.financialsense.com/contributors/robert-prechter/prechter-deadly-bearish-big-picture 


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 = 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.