Tuesday, October 18, 2016

Elliott Wave Stock Market Update - October 18

The market rallied towards resistance as I expected yesterday and closed right on the Trend Average. If the IHS pattern materializes we should see the rally continue tomorrow or Thursday towards the 50 DMA as mentioned yesterday. I ended up locking profits at the high today and will probably buy again on a test of today's low or the break out (assuming it's not too far from the neckline). Also, I will be launching my TW vs SP500 portfolio soon. Just looking for software that automates some of the tracking results.

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 = Bullish trend being challenged
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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