Elliott Wave Stock Market Update - September 11

The market put in a higher low early morning and ended up breaking out of the expanding descending wedge as I had been expecting. All this choppiness in what is supposed to be a correction allows oscillators to reset and allow bulls to mount another charge. With the market closing right on the Trend Average, I can see a gap up or a bullish day tomorrow as long as 1989 holds. If we get a 5 wave count from the 1984 low, the projection is about 2015 which is not all that far from the wedge projection of 2020. I took a long position earlier in the day and my stops have been raised to 1989, so we'll see if the pattern turns out as expected.

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 into consideration other factors.