Tuesday, September 1, 2015

Elliott Wave Stock Market Update - September 1

The sell off today confirmed the completion of the 5 wave count at 1993 and this bearish wave can be counted as a B of a zig zag to the 50 DMA or a W2 in the most bullish case. Obviously, if the sell off continues and manages to break support at 1867 then we're looking at another strong wave that will end up testing 1820. For now, I favor a normal zig zag to the 50 DMA which I assume will be below 2050 by the time the market gets there. I might go long if the market ends up getting close to the 1905 or 1867 support again.

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 = Bearish
Long Term Trend = Bearish

* 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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