Elliott Wave Stock Market Update - September 10

The count posted is holding so far but we would need to see a rally starting tomorrow to confirm it. Technically speaking there is room for one more bearish wave(as long as it stays above 1937) and still maintain a bullish bias. But I'll go with the most bullish option considering the Trend Average has finally turned positive and there is a new bullish MACD cross on the daily time frame. If China and Oil cooperate, we should see 1993 challenged or broken in the next few sessions.

I am waiting for a lower risk-high reward set up to trade again. So I'm good with either a sell off or a 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 = 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.