Elliott Wave Stock Market Update - August 06

The market made another lower low today and bounced early morning. However, the counter rally was weak considering how short term oversold the market is. So I suspect there will be lower lows to come before the end of the week. The wave from 1942 to 1911 actually has 5 waves and could be the final 5th wave, but it is short of my "ideal" target, and I think a Falling Wedge might be in the works. Gold finally rallied today, which might be a signal that money is starting to flow to safe haven assets. But my plan remains the same, I will sell Gold if the SP500 makes it to the 1885-1900 range and long the SP500 to the Trend Average.

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 = Bearish

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.