Tuesday, August 19, 2014

Elliott Wave Stock Market Update - August 19

The market has continued its rally and the Inverse Head and Shoulder target has basically been reached with today's high. The market could still be putting in a "flat" correction, but looking at the NASDAQ, it looks like this rally might go on for a while. The fundamental picture continues to favor higher prices and as long as there are no signs of an economic slowdown, prices will continue to go up. Perhaps the market will go parabolic in the next few months before finally putting a decent correction?  Maybe when the doomers finally go bullish, the market will tank!

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.

Elliott Wave Analytics

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