Elliott Wave Stock Market Update - August 18

The market continued its counter-rally that started yesterday and ended the day at gap resistance. Considering the market continues to trade above the Trend Average, the assumption is new all time highs will be achieved as long as yesterday's low doesn't get breached. I went long again today using the new set up so hoping we will see the all time high challenged soon.

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 17

The small IHS set up I had been following was eliminated with today's low at 2168 but the market still managed to maintain its short term bullish by closing marginally above its Trend Average. Looking at the count, the only possibly bullish way to count this is by assuming this is an expanded flat with today's low being the low point of a strong bullish wave to come. However, if the market fails to keep trading above the Trend Average (currently at 2182) then the market will have topped for the time being and a stronger correction will occur in the near future.

I was stopped out at 2172 but going back long if I see further signs of the expanded flat being the correct count.

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 16

The nested bullish  1-2 count I was hoping for was invalidated today with today's breach of 2179. However, the IHS pattern remains in place as long as 2172 holds a continued correction. August is the slowest month of the year in terms of volume and any sudden interest in buying (or selling) could move the index substantially. Since I am long, I am hoping the Fed minutes will be the excuse tomorrow for a rally to 2,200+.

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 15

The market rallied to yet another all time high as expected and looks like the wave is evolving into a nested bullish 1-2 set up. The target I have for the impulse from 2172 is 2212 but this could go much higher given the 5th wave extension. The bullish pattern would be reversed if 2172 gets breached on a pullback. I went long early morning at 2189 and setting a partial stop at 2179 and then 2172 for the rest.


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 12

Couple of months ago I mentioned the IHS target of 2200 and how it was going to be interesting to see the market achieve this level particularly during this time of the year. And it is looking like a straight shot from the Brexit lows to the IHS target. The absence of substantial selling pressure is obvious and the best way to count this given the current pattern is an extension of the 5th wave to 2200+. Today's higher low set up another small IHS to just over 2200 and this implies a rally starting early next week as long as yesterday's low holds. I ended selling my shorts for coffee money and didn't go long because I just saw the pattern right now. But if there is an opportunity on Monday, I will be back long again. It's worth noting I haven't had a single bad trade since earlier in the year so maybe my luck will run out soon :)


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 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.