Tuesday, September 30, 2014

Elliott Wave Stock Market Update - September 30

The market attempted a break out today but could not overcome the 1986 resistance level and headed back down to close under the 50 DMA. And while the close under the 50 DMA is significant, the bearish camp is not making much progress by not being able to go under yesterday's low. The market has now been in a correction for almost 2 weeks and we could see a strong bullish rally if support keeps holding or if we get a capitulation bearish wave that gets immediately reversed. I went long today in the morning, sold profitably towards mid-day and I'm back to cash. Might go long again if bears keep hesitating.

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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