Elliott Wave Stock Market Update - October 8

I am going to keep this one short as I am in Miami on a quick business trip  and need to wake up early for a meeting. Basically, the 5th wave has sub-divided like I speculated on yesterday's post and the targets remain the same. The 2020 level has technically been tested with today's high but looking at the wave structure, there could still be more upside left before a bigger correction. Bottom line is, bulls look like they are taking back control of the market.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish
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.