Wednesday, October 21, 2015

Elliott Wave Stock Market Update - October 21

The 2039 level has held as top and today's selling supports a completed count. The next level to be tested and which can possibly end up being a bottom is 1990, so I will probably cover my shorts around that level. Assuming there is a zig zag correction to the entire structure from 1871 to 2039, we could end up with a Head and Shoulders forming with 1990 as the neckline and an ultimate target of around 1950. Perhaps headwinds from China or bad earnings can serve as a catalyst for this coming correction.

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

Short Term Trend = Bullish
Medium Term Trend = Bullish
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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