Friday, September 26, 2014

Elliott Wave Stock Market Update - September 26

The market bounced back somewhat strongly today, not only to test the 50 DMA but to close comfortably above it. But like the bounce earlier in the week, it also has 3 waves or a zig zag so we have to see if this wave turns into a 5 count or if it drops again Monday morning. If the market sells off on Monday, then we might be seeing a bearish nested 1-2 that will most likely test the 1904 low. But if the market can put in a 5 count to anywhere near 1999, we might be seeing another Inverse Head and Shoulders with a 2034 target more or less. I did not get greedy today and sold all my longs when the 50 DMA was tested as planned, and I will wait for the next tradeable market pattern and have myself a stress free weekend :) So I either go short if the market goes for 1999 or long after selling exhausts near 1904.

Have a great weekend!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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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