Tuesday, August 1, 2017

Elliott Wave Stock Market Update - August 1

Prices challenged resistance again today but ended up closing below it. Despite the close above the TA, the same bearish pattern remains and the market remains vulnerable to selling in the next few sessions. The only way to invalidate the bearish set up would be a breach of 2484. I am keeping my short position until the market proves me wrong (or right, to lock in profits).

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

No comments:

Post a Comment