Elliott Wave Stock Market Update - September 19

The market finally broke out of range and put in another all time high today at 2019. However, I still think the waves look somewhat choppy, so I am not sure if the wave today was some sort of W3 or the last bullish wave from the 1978 low. A key level to watch is 2004.39, if that holds then we should see new highs. But if it breaks, then 1993 will be tested. I am also watching the possibility of a small H&S using 2006 as the neckline, an impulse from today's low to a new high would set up the pattern and give us a chance to make money on it :) Last but now least, looking at the daily chart I see  the potential for a bullish MACD crossover and yet another IHS set up targeting 2095. If the market breaks out to the upside strongly next week, chances are it will be going for that target.

I didn't buy Alibaba today as it went crazy and closed 30%+ above its IPO price. However, I will put it on my watchlist. If we finally get a sell off, I'd love to get this stock and Google. These are companies that will be around 100 years from now imo.

Have a Great 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.