Elliott Wave Stock Market Update - October 27

The market didn't do much today other than reset short term overbought oscillators to neutral. There is also a short term triangle pattern in place which should result in higher prices and possibly challenge the 1970-78 area. So my plan is still the same, if the market gets there then I will be shorting to hedge, or wait for a pullback to the Trend Average/1925 to add longs. November is coming up and the market might start to position itself for the usual December rally.

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 = 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.