Tuesday, October 4, 2016

Elliott Wave Stock Market Update - October 4

The market experienced more selling today and the bullish set up mentioned yesterday was eliminated. So the correction continues and it has now been almost 2 months since the 2193 high was made. While the general bias is still bullish, the TA turned bearish today and now I am even more cautious about trading on the long side.

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
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

No comments:

Post a Comment