Wednesday, September 23, 2015

Elliott Wave Stock Market Update - September 23

The short term trend has now turned bearish and it looks like recent lows are likely to be challenged. The deadline to fund the government is Oct 1st and given the threat by the most conservative side of the Republican party to shut down government unless it gets its way might create the ideal backdrop for a strong sell off. I'm assuming only after a few more weeks of uncertainty and volatility the market will find a bottom. For now, it's the bears opportunity to gain ground.

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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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