Friday, February 23, 2018

Elliott Wave Stock Market Update - February 23

Prices were able to get past the 50 DMA today in a solid bullish close for the day. This pattern continues to look like sideways consolidation and we could see a break-out early next if 2697 holds any further corrections. Also, a break-out of the pattern would favor a challenge to all-time highs. Whether or not prices are able to reach new highs and invalidate the bearish pattern in place is another question, but for now, it looks like there is more upside coming.

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

Short Term Trend = Bullis
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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