Elliott Wave Stock Market Update - September 10

The count posted is holding so far but we would need to see a rally starting tomorrow to confirm it. Technically speaking there is room for one more bearish wave(as long as it stays above 1937) and still maintain a bullish bias. But I'll go with the most bullish option considering the Trend Average has finally turned positive and there is a new bullish MACD cross on the daily time frame. If China and Oil cooperate, we should see 1993 challenged or broken in the next few sessions.

I am waiting for a lower risk-high reward set up to trade again. So I'm good with either a sell off or a rally.

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 = Bearish

Long Term Trend = Bearish

* 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 Stock Market Update - September 9

The market challenged the 1993 resistance today but reversed gains after the sell off in oil. The markets I mentioned yesterday, the RUT and the NASDAQ have technically broken to the upside so despite the selling today, odds now favor further upside after consolidation. I think the main question is whether the sell off will continue once the 50 DMA is challenged.

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


Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bearish

Long Term Trend = Bearish

* 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 Stock Market Update - September 8

Hope everyone had a good weekend. Today we saw the strong rally I posted about on Friday and this could be the beginning stages of a larger wave to the 50 DMA or 2039 (whichever comes first).  Confirmation will come when 1993 breaks on the SP500 but the NASDAQ and the RUT might break out first and give us clues as they are leading the rally. Obviously, there is possibility of a breakdown below 1903 but as I said last week, as long as China and Oil are stable, we could see a rally up to the Fed decision on rates.

I ended up selling the China position I bought on Friday at the open as the ETF was pricing a rally to 3300's (closed at 3170).  So that was a quick and easy 10% on this position. Given how much bearish news there are on China right now, I now lean towards calling the correction over as long as 2,850 holds. How this affects the US is anyone's guess. If I am correct, there is going to be a rally past the high this year in the next few months and maybe I can finally call myself retired :)

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


Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bearish

Long Term Trend = Bearish

* 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 Stock Market Update - September 4

The bearish wave today eliminated the micro-count on the chart and it looks better now as an ABC correction from the 1993 high. We could see a strong rally starting next week as long as the recent 1903 low holds. If selling resumes and support levels are breached then entire bounce from 1867 to 1993 will likely be a B wave and a test of 1820 will be very likely on a C wave. I don't think there will be any more important data releases until the FOMC meeting, so the market will have to digest what is already out there and price in whatever the market thinks will come next. That's assuming China and oil will see less volatility in the next couple of weeks.

I bought the China position I sold last week as the market today was pricing a sub-3000 sell off (4% less than last closing), so hopefully I'll sell it again for a profit next week.

Have a great holiday weekend!

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


Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bearish

Long Term Trend = Bearish

* 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 Stock Market Update - September 3

The market seems to be following the count posted but there needs to be a stronger bullish wave in the next session or two to confirm. Perhaps the jobs report tomorrow will serve as a catalyst to move the market. A strong jobs report will increase the likelihood of a rate hike, while a weaker one will give bulls some hope.

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


Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bearish

Long Term Trend = Bearish

* 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 Stock Market Update - September 2

The market seems to have bottomed yesterday at 1903 and we could be looking at a new bullish 5 wave count. If the count is correct, the previous 1993 high will be challenged by this current wave and perhaps it might even get to resistance at 2039 with a good push. But once a top is found, we could see the C wave make a lower low towards the 1820 level. This would line up well with September, which is historically the worst month for stocks.

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 = Bearish

Long Term Trend = Bearish

* 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 Stock Market Update - September 1

The sell off today confirmed the completion of the 5 wave count at 1993 and this bearish wave can be counted as a B of a zig zag to the 50 DMA or a W2 in the most bullish case. Obviously, if the sell off continues and manages to break support at 1867 then we're looking at another strong wave that will end up testing 1820. For now, I favor a normal zig zag to the 50 DMA which I assume will be below 2050 by the time the market gets there. I might go long if the market ends up getting close to the 1905 or 1867 support again.

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 = Bearish

Long Term Trend = Bearish

* 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.