Elliott Wave Stock Market Update - August 4

The market has continued its correction with today's negative close and we could see another down leg tomorrow if this a double ZZ. The market has been stuck in this range for much of the year but I think we will finally see a strong move either way in the next few weeks. So far, this has been the most uneventful year for the SP500 since 2004. Either the SP500 is pulled by tech to the upside or is dragged down by industrials (which has a very bearish looking H&S).

Lastly, it looks like the low for oil will be re-tested soon so I might do a short term trade when it gets there.

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 = 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.