Friday, February 16, 2018

Elliott Wave Stock Market Update - February 16

Prices made a higher high today before giving up some of the gains by the close of the session. The market had one of the fastest weekly gains in 5 years, bringing back hope to the bullish crowd. Also, the close was above the 50 DMA, which technically positions the market to rally back to all-time highs in the next few weeks as long as this trend is not lost. So despite the scare from last week and all the inflation talk, this could end up being a one wave correction. With that said, the market remains in a bearish pattern for a long as ATH remains in place. Trade this coming week will be important in deciphering if there is momentum left to the rally that started in November 2016.

Have a great weekend!

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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