Elliott Wave Stock Market Update - September 03

We got yet another higher high today at 2009 and just like yesterday, it reversed to test the Trend Average again. The move today could be setting up a bullish W3 to a another higher high, but the line in the sand is 1994.85, so any more downside can not go under this level and definitely not below 1990.52 as that would open up a whole different count. I'd like to see a clear bullish run from here and then call a top. Asia is already very bullish, and if the EU decides to stimulate the economy (I don't see why not) later today, then the markets will have a solid excuse to go crazy. I don't have any positions in my short term trading account, but my long term account is looking very good.. maybe 2015 will be my retirement year! lol

On a sidenote, I just read this on the news.

http://news.yahoo.com/militants-vow-throne-putin-over-syria-support-225140129.html

I'd like to see Putin put the Ukraine thing on hold and take on the ISIS challenge. Obama might "not have a plan" since he is so politically correct/wishy washy, but Putin will in no uncertain terms try to obliterate these nutjobs.

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.