Elliott Wave Stock Market Update - May 9

Prices made a higher high today and remained range-bound for the rest of the session. We could see a bearish wave test the 2045-2048 support level in the next session or two  but ultimately we should see the Trend Average challenged sometime this week. This assuming the 2039 low stays intact for the time being.

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.