Tuesday, August 23, 2016

Elliott Wave Stock Market Update - August 23

Prices broke out of the triangle today but reversed a good portion of the gains by the end of the day. The somewhat pronounced reversal takes out a micro W3 out of the equation for today's wave, leaving a nested bullish set up as the only feasible bullish pattern. Continued upside should be expected as long as 2175 doesn't get breached.

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 = 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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