Elliott Wave Stock Market Update - August 11

The market turned around today and even made a new all time high. However, the count continues to look finished to me so I am sticking to my short term bearish bias despite the Trend Average being bullish. I am leaning towards labeling the high today as a B wave of an expanded flat so I'd like to see a bearish wave test 2172 in the next session or two. If prices manage to break through resistance then I'll change my mind on the completion of the wave. I went short at 2187 hoping for quick buck.

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 into consideration other factors.

Elliott Wave Stock Market Update - August 10

The count was finished yesterday as I had suspected and we will now see if this is going to be a stronger correction that will end up going below the 2147 low from last week. Obviously, I'd like to see the Trend Average turn bearish to confirm a deeper pullback. Also, one possibility we have to keep in mind is the Inverse Head and Shoulders I mentioned last week which is using 2185-2187 as the neckline. The top yesterday at 2187 produces the perfect neckline if you use the cash equivalent high made couple of weekends ago. So failure to go below 2147 will result in a strong wave to 2200+.

I remain in cash and see how the correction evolves in the next few sessions before going long again. Oil btw is creating a good risk/reward set up so I might go long there too.

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 Stock Market Update - August 9

The market made a new time high as expected before giving up most of its gains. Today's peak is enough to call the 5 micro-waves complete but this needs to be confirmed with a break of yesterday's low at 2177.85. The main question now is whether the wave from 2147 is a one wave leg or will this evolve into a 5 wave event to substantially higher highs. I still think the market will rally as long as Obama is still President given his luck and the blame for the coming bear market will fall on Hilary or Trump. The good thing is whoever wins in November will be out by 2020 (considering they are both horrible candidates).

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 into consideration other factors.

Elliott Wave Stock Market Update - August 8

The market went into what seems like a W4 correction on the micro-count and we should see a new leg to higher highs in the next session or two. Since this is the 5th wave of the structure that started at Brexit, once buying is exhausted we should see a substantial pullback to digest gains for this 10%+ bullish run. I think we could see 2200 soon but not sure about the 2220 IHS target I mentioned couple of months ago, still it's close enough.

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 into consideration other factors.

Elliott Wave Stock Market Update - August 5

The market reversed its short term bearish bias and closed at a new all time high after a jobs report blowout. With this new high, the Trend Average turns back to bullish and the chances of the 2134 gap being tested appear slim before the completion of the entire structure from the Brexit low. On Tuesday I posted "We could get some sort of Zig Zag to ultimately test the 2134 level, a flat or a one wave wonder where today's low was it" and it looks like the correction on Tuesday turned out to be a one wave wonder after all.

I will buy back my longs on the coming correction. There is a good chance of another Inverse Head and Shoulder's forming using the pre-market high I mentioned on Monday as the neckline so this set up would be a no-brainer. Last but not least, I think I have all the parameters for the account I am going to set up to trade against the S&P 500 and I will make a separate post on this later. So many people say it's impossible that this to me is the ultimate challenge.

Have a great weekend!

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 into consideration other factors.

Elliott Wave Stock Market Update - August 4

Prices managed to test the Trend Average early in the morning before pulling back a few points the rest of the day. Unless there is a surprise in the jobs report tomorrow, the bias is to the downside with 2147 providing initial support. It would be good to see stronger selling to finish up the correction but we'll see. Also, oil is potentially forming a bottoming pattern and I might go long there if I see the good set up.

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 Stock Market Update - August 3

The market has rallied towards the Trend Average as expected but unless there is a strong bullish wave tomorrow we could see another bearish impulse towards the 2134 level to complete a zig zag. Considering oil might have bottomed, a rally in energy could be a good excuse to finish up the correction and push prices towards 2200. The other possibility is a continued counter-rally towards resistance at 2178 and then form another Inverse Head and Shoulders.

I ended up selling my longs for a small profit towards the end of the day and looking to buy back on another set up.

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.