Tuesday, August 22, 2017

Elliott Wave Stock Market Update - August 22






















The market counter-rallied substantially today to test the Trend Average as expected. The wave looks like a potential 5 count, so I am assuming the rally will continue past the TA and possibly turn the trend bullish again. However, if prices fail to overcome the TA, then lows will be tested again in the near future. I sold half my long position for a nice profit and I am going to hold on to the rest until I see a possible top or get stopped out at break even. For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish trend being challenged
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

Monday, August 21, 2017

Elliott Wave Stock Market Update - August 21






















The market reached another low as expected and this satisfies the completion of the bearish 5 count that started at 2474. I see a bottoming pattern in place with 2417 as support, so as long as prices do not go below this level, there is a good chance for a counter-rally to test the Trend Average. Whether or not the correction continues after the TA test is another question. I went long at 2423 with a stop at support so I hope market sentiment will turn around tomorrow.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
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

Friday, August 18, 2017

Elliott Wave Stock Market Update - August 18






















Selling continued today and prices made a lower low at 2420 before the Bannon-getting-fired rally, which subssided by the close. The bearish wave could arguably be done with today's low but I am assuming the high today was a W4 with one more leg towards a lower low. Ideally, another leg towards 2407 would set up a counter-rally towards the TA but something down to 2415 would be enough to call the 5 count done. I am planning to go long with a tight stop if prices reach support. Now that Trump is seeking a reset (not sure what else to call it given his main advisors have left), maybe that will be the excuse for a bounce next week. I just really hope he gets tax reform done.

Have a great weekend!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
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

Thursday, August 17, 2017

Elliott Wave Stock Market Update - August 17






















Prices failed to hold at support and sold off to break the low made last week as expected. The least bearish scenario would be a zig zag from the top to test 2407 and then rally again to new highs. But if 2407 fails to hold the selling, then this will be headed towards a 200 DMA test, currently at 2345. I sold my gold position today and looking to go long in equities when prices reach support or show a bottoming pattern. As I said yesterday, the market has plenty of excuses with all the Trump drama. But in the end, this correction was expected and Trump is just an excuse. What will be interesting is what will send the market into a real correction (the one that will send prices to the 1575-1800 area). I have always assumed a recession is what will ultimately bring down the market but there is now a chance that it will be a big Trump related event.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
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


Wednesday, August 16, 2017

Elliott Wave Stock Market Update - August 16






















Prices reached a higher high today but stopped right at the 2474 resistance level. The pattern in place could go both ways since clearing resistance would lead to a breakout to new ATH, while a break of support at 2461 should lead to a test of last week's low at 2437 or lower. Given the negative bias, I assume prices will head lower as long as the high today does not get taken out. There is no shortage of excuses to sell given the latest Trump political reality show.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
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

Tuesday, August 15, 2017

Elliott Wave Stock Market Update - August 15






















Prices consolidated sideways today and looks like it will go higher if the 2461 low holds. Once this wave is done, we should see the bears come back and try to take out the low made last week. Maybe Trump or Kim Jun will help their cause. I just hope things don't get out of hand as these two seem to be very volatile, which should be a cause for real concern for everybody.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
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

Monday, August 14, 2017

Elliott Wave Stock Market Update - August 14






















The market rallied substantially today towards the Trend Average and this invalidated the bearish 5 count I had originally posted. That doesn't mean 2407 is out of the question, as the market could be just bouncing on a B or bearish W2 wave. Also, the TA continues to be bearish and further selling could come as soon as tomorrow or Wednesday. With that said, if bulls manage to start closing above the TA, then we could be in for another sideways correction.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
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