Elliott Wave Stock Market Update - September 17

So the Feds decided the kick the can down the road again and it looks now like there won't be a rate until 2016. The markets rallied and broke resistance as expected but gains were reversed by the end of the day. Going by the Ascending Triangle pattern and the count posted, the reversal is a correction and the bias continues to be up. Bulls now have the excuse to rally so we'll see if the 2039/50 DMA test comes in the next few sessions. The NASDAQ tested its 50 DMA today, so maybe the rest of the indexes will be doing the same.

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.