Elliott Wave Stock Market Update - August 28

The market put in the 5th wave today on the micro-count but there is a possibility it might extend on Monday, so maybe it will challenge the 2000-2010 level before going into a correction. Oil and China has continued to rally strongly and they both help keep markets calm. However, volatility should return in September as the Feds get ready to finally raise interest rates.

I cashed in on the stocks I bought couple of days ago since they're up quite a bit and will probably buy them again on the pullback. I get the feeling the market wants to visit its 50 DMA in the next couple of weeks. Last but not least, the death cross in the SP500 is official as of today.

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 = Bearish
Medium Term Trend = Bearish

Long Term Trend = Bearish

* 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.