Monday, February 12, 2018

Elliott Wave Stock Market Update - February 12

The market continued its bounce and was able to clear initial resistance at 2650, closing comfortably above it. However, this doesn't tell us much as to what will happen the rest of the month. I continue to assume prices will test the Trend Average or the 50 DMA before the next substantial move. If we see lots of selling at the test of the trend, this will be a sign traders are selling the rallies, which sets up the market for lower lows. Personally, I am tempted to sell and lock in profit but we'll see. Can't be greedy but can't too cautious either.

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

Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged
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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