Wednesday, September 2, 2015

Elliott Wave Stock Market Update - September 2

The market seems to have bottomed yesterday at 1903 and we could be looking at a new bullish 5 wave count. If the count is correct, the previous 1993 high will be challenged by this current wave and perhaps it might even get to resistance at 2039 with a good push. But once a top is found, we could see the C wave make a lower low towards the 1820 level. This would line up well with September, which is historically the worst month for stocks.

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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.

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