The whole of this analysis that includes my detailed trend forecast was first made available to Patrons who support my analysis. To get immediate First Access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for as little as just $3 per month. https://www.patreon.com/Nadeem_Walayat.

ELLIOTT WAVES

Where elliott wave is concerned I like to keep things very simple which is why I don't adhere to the many tenants of elliott wave theory as for me, EW is just a another technical tool.

Firstly, as expected the Jan peak was a fifth wave peak that heralded in an ABC correction. Now my target for this correction was Dow 23,000. Apparently the lowest it actually achieved was Dow 23,300. So it fulfilled the criteria for a correction that should have heralded the resumption of the stock markets advance.

However, the subsequent 5 waves / zig zags higher have been pretty feeble, coming nowhere near breaking above the January high. Whilst the Wave 2 correction lower has been strong. This suggests that the Dow is going to find it tough to breakout of its trading range to new all time highs. Probably not until towards the end of the year where Elliott Wave is suggesting a marginal new high above 26,600.

Next > Stock Market Trend Analysis

Part 4 will be published shortly as my core analysis and detailed trend forecasts are first made available to Patrons who support my analysis. To get immediate access and First Access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for as little as just $3 per month. https://www.patreon.com/Nadeem_Walayat

Your analyst,

Nadeem Walayat

http://www.marketoracle.co.uk

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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