Tuesday, September 23, 2014

Elliott Wave Stock Market Update - September 23

We now have a clear bearish 5 count from the 2019 top with today's session. Also, the Trend Average has turned negative, so this wave from from 2019 is most likely an A or a W1 of a bigger correction. There is a also the death cross on the RUT which could signal an overall change in sentiment in the broader market, so maybe it is time for "the" correction we've been anticipating for months. Still, I'd like to see 1978 break before assuming the 1904 low will be tested. As it is, we should see a bounce  starting tomorrow for a W2/B or right shoulder. If the counter rally stalls around the 2010 resistance, we will have a good low risk/high reward short set up. I went long towards the end of the day but I am now basically looking to short once the market hits resistance.

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.

Elliott Wave Analytics

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