Elliott Wave Stock Market Update - August 14

The Trend Average has turned green with today's close and we might see a nested 1-2 develop in the next few days. The 50 DMA served as resistance and there wasn't enough conviction to get the market past it. But if the prices are able to successfully test the TA, we should see 1978 at a minimum if we get a C or much higher if it's a W3. Also, the daily MACD will probably make a bullish cross tomorrow or Monday (unless something unexpectedly bad happens), so the short term is favoring the bulls. I tried bougth Oil today but got stopped out at a loss, that to me points to stability in the Iraqi situation.  If the TA is successfully tested, I will buy the SP500.

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 Trend being Challenged

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.