Tuesday, September 2, 2014

Elliott Wave Stock Market Update - September 02

The market made another all time high today in the morning before reversing to test the 1995 support level/Trend Average. There are several ways to look at today's price action but the ultimate outcome is basically the same, new all time highs are coming in the next few days as long as the Trend Average holds. The market is fearless despite all the bad things happening around the world, so as much as I'd like to see a 10%+ correction after the wave structure is complete, we might get another quick correction and then another rally to trap the few bears still standing.

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

Short Term Trend = Bullish
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 into consideration other factors.

Elliott Wave Analytics

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