Tuesday, May 2, 2017

Elliott Wave Stock Market Update - May 2

The markets keeps trading in the same narrow range and is doing a good job at keeping everyone in suspense. However, the count remains the same and a new all-time high would finalize the 5 count posted. Now that we are in May, any new all-time high could be the top for a while so it's best to be careful at this point. There is no need to chase the market now that it has rallied for 6 months without any significant correction.

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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