Elliott Wave Stock Market Update - August 07

The market made lower lows a expected but I don't think it's done yet. The Falling Wedge pattern is in play and I only see 3 waves within it so far, so perhaps we'll see a small bounce in pre-market or tomorrow and then one more wave down to my target area. The low today was 1904 and we could see a counter rally start from here, but I am not buying it just yet. I did however sell my Gold position for marginal profit, but I will probably buy it again instead of shorting when the market rallies 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.