Tuesday, May 16, 2017

Elliott Wave Stock Market Update - May 16

The market made another ATH today but gave up some of its gains for the remainder for the session. Looking at the chart pattern, it looks bullish and could see a break out of range if the high today is broken convincingly. However, I will continue to sit this one out as I don't see much upside from here without a substantial correction first.

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

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