Elliott Wave Stock Market Update - September 15

The market completed the micro 5 wave count I wrote about on Friday but it fell a few points short of the 50 DMA before rebounding. Market direction is down but we should see a counter rally to possibly test 1997 (or the Trend Average) before the resumption of another bearish leg. Now, if the market can gather enough bullish momentum to recapture the TA, then we should see new all time highs again. I should have taken a long position early morning but I waited too long/fell asleep.

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 into consideration other factors.