Thursday, May 18, 2017

Elliott Wave Stock Market Update - May 18

Prices bounced towards the 50 DMA at 2369 after making a lower low early morning at 2352. The counter-rally was expected and doesn't do much as far as repairing the damage already in place. So the expectation is for lower lows ahead after the bag holders load up. I was tempted to buy some volatility or shorts but instead ended getting into silver and gold, as they will rally as equities come down. The bearish set up is in place and all we need is for Trump to do or say another crazy thing and voila!

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

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

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