Thursday, October 2, 2014

Elliott Wave Stock Market Update - October 2

I had a busy day today, but I finally had the chance to update. Basically, the market found the 1928 level significant and reversed all its loses by the end of the day. Whenever we get substantial reversals like the one today, there is a good chance a bottom has a found. The level that would confirm a bottom (short term or intermediate?) is the break of 1964 resistance, if the market follows through tomorrow and overcomes that level then there is a very good chance the TA or the 50 DMA at 1975 is next. And as I wrote yesterday, every single time the market has been this oversold in the last two years, we've seen rallies to new all time highs. Will this time be different? I went long today with stops at today's low and looking at the 50 DMA as the first target.

- I forgot to add. If 1926>52 is a W1, then expect  1986 to be challenged again. -

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

Short Term Trend = Bearish
Medium Term Trend = Bulliss trend being challenged
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.

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