Tuesday, August 26, 2014

Elliott Wave Stock Market Update - August 26 | All Time High Close

Today we got yet another all time high, but unlike the other 29 highs this year, this one is historical since it is the first time the SP500 has closed over 2000. The first time the DJI crossed 2000 was in 1987, so whoever thinks the SP500 is way too high, look at the 17,106 close on the DJI today. You simply can't fight real GDP growth + Inflation in the long term, this is why people who buy and hold do well over long periods of time. With that said, we are trying to time the market here so we can make an extra few bucks, so I ended up shorting at my 2004 target as I now see the W3 completed. I am looking for a mild correction to the 1979-85 area or the Trend Average, but if the market decides to sell off, I am ok with that too but I highly doubt it.

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 Analytics

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