Elliott Wave Stock Market Update - August 31

Prices made a lower low today but bottomed just barely above last Friday's low of 2160. Technically the bullish bias continues to be in play but now the Trend Average is firmly bearish again. I think prices will ultimately will break out and go much higher but we could see more turbulence for the time being. I stopped out at 2168 with a small profit and will be looking gor another set up to go long 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 = 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 30

The market went into a minor correction as expected and so far the bottom has been above 2168. So there is a chance for a stronger bullish wave starting in the next session or two if today's low at 2170 does not get breached. I didn't get a chance to lock profits in the morning so I guess I will just ride the whole thing to new ATH.

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 = 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 29

Prices staged a decent counter-rally today and now we have to see if this evolves into a full rally or a continued correction. If the coming pullback is able to bottom above 2168 then there is a good chance of a strong close for the week. The close was above the Trend Average and could turn bullish tomorrow if there is follow through buying. I raised my stops to 2168 (or slightly profitable) and might take some profit tomorrow on half of the position.'

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 = 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 26

The market gapped up early morning but went lower to test the support area I mentioned yesterday as expected. The previous bullish set up is obviously gone, however the pattern is looking like a complex correction with support in the 2155-59 area. How the market reacts when the Trend Average is challenged should provide us guidance for the next few weeks. Failure to recapture the TA will lead to lower lows but if prices are able to turn the TA signal to bullish again then we will see new all time highs. I ended up buying back the longs I sold yesterday at 2161 and my stop is 2160.39 or today's low.

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 = 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 25

The market tried to rally earlier in the morning but gains were reversed and now the Trend Average has turned bearish. While prices have not gone under the 2168 level I mentioned yesterday, the lack of bullish momentum should be a concern to bulls in the short term. I ended up exiting my long position in expectation of lower prices. The next level of support lies in the 2155-59 area.

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 23

Prices went under the 2175 resistance level mentioned yesterday and now the market is facing the possibility of a top. A drop below 2168 would confirm a deeper correction and turn the Trend Average bearish. With that said, not all bullish hope is lost as the overall trend remains bullish and the market still trades above the Aug 17th low of. I decided to keep holding low until the TA becomes negative.

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 23

 

Prices broke out of the triangle today but reversed a good portion of the gains by the end of the day. The somewhat pronounced reversal takes out a micro W3 out of the equation for today's wave, leaving a nested bullish set up as the only feasible bullish pattern. Continued upside should be expected as long as 2175 doesn't get breached.

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.