Elliott Wave Stock Market Update - August 17

The market is making things complicated by closing above its 50 DMA and re-capturing the Trend Average with today's rally. I don't picture a 5 wave count rally to new ATH but it's good to keep the possibility in mind given the bullish set up so far. We'll need to see more than a marginal new ATH to reverse the likely death cross coming to the SP500.

Tomorrow I will be in Disneyland all day so not sure I'll have time to update. I'll do my best to at least post a chart later tomorrow night.

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 trend being challenged

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.