Elliott Wave Stock Market Update - August 13

The market made a higher high today to test the Trend Average before going back down. I didn't want to label the waves before seeing the next move to get a better idea. A strong sell off tomorrow would make things easier as far as labeling goes but if the downsloping trendline is broken then it will open up bullish scenarios (As bullish as you can get with an impending death cross). Looking at possible targets for a potential bottom to a correction, I like the 1820-1900 support area which is about a 10-15% correction from the May high.

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.