Tuesday, September 27, 2016

Elliott Wave Stock Market Update - September 26

The market counter-rallied today and hit resistance in the 2160 area. The bias, as I said yesterday, continues to be bullish but unless prices manage to start a meaningful rally in the next few sessions then the trend will turn bearish. The market could be consolidating for the last few legs of the rally that started in 2009 or could be in the process of going south. One thing that Trump said last night that was actually true is the fact that once interest start to rise then inflated prices will pop. The Fed might be holding rates low at this point for political reasons and once the election is over we might see the start of the next recession. I ended up selling today at resistance and will get back in once I see something more clear.

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

Short Term Trend = Bullish trend being challenged
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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