Elliott Wave Stock Market Update - September 19

The market managed to make a mild bounce today and ended up closing right on the Trend Average. It's hard to say what is the next move but as long as prices stay above the TA the bias is to the upside. However, if bulls fail to gather momentum in the next session or two then I favor downside as the major trends are still clearly bearish. Also, September and October are historically bearish months and this is the chance for bears to gain some ground, specially since a government shutdown drama is coming up.

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.