Tuesday, September 16, 2014

Elliott Wave Stock Market Update - September 16

The market ended up rallying as expected to the 1997 level as I had expected and closed above the Trend Average. And I am looking at a potential Inverse Head and Shoulders forming, which could be just another test of the TA again or support in the 1983-90 area. Trade under 1978 would invalidate this bullish set up. But given the strength of the bounce today, there is a good chance the market its done with its "correction". I went short at 1997 per my plan yesterday but will probably close this position as soon as it is profitable and probably switch to the long side. Bears had almost two weeks to make their case, but the market is just 0.5% off its all time high.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com

Short Term Trend = Bearish Trend being Challenged
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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