Wednesday, April 5, 2017

Elliott Wave Stock Market Update - April 5

Prices started the day bullish by impulsing higher and taking out the most recent high at 2370. However, a sudden reversal came after the Fed announced they will start cutting back the $4.5 trillion balance sheet. In the general sense, it's a good thing since it shows confidence in the economy and will give room the the Feds in the future when the next recession hits. The stock market didn't like the news much but as long as support continues to hold, the path of less resistance is up. With that said, another close under the TA and we will likely see another test of the 50 DMA if not the 2322 low.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

Short Term Trend = Bullish 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

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