Elliott Wave Stock Market Update - August 29

The market made an new all time high overnight but it was already correcting by the time the cash market opened. I usually take into account what happens in pre-market, so this wave from 1990 to the equivalent of 2006 in the cash market could be considered the 5th wave or wave 1 of 5th. There's also the chance of an expanded flat scenario where the market will test the 1990 low again, but I am assuming the W4 is done. If w1 of 5th was from 1900-2006, then I have 2030 as the target before we see a substantial correction. The situation in Russia is not getting better, and it could be the catalyst for a strong correction so many have been waiting for once all the waves are in. But for now, the market is ignoring geo-political events and focusing on higher highs.

Have a great long 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.