Elliott Wave Stock Market Update - September 4

The bearish wave today eliminated the micro-count on the chart and it looks better now as an ABC correction from the 1993 high. We could see a strong rally starting next week as long as the recent 1903 low holds. If selling resumes and support levels are breached then entire bounce from 1867 to 1993 will likely be a B wave and a test of 1820 will be very likely on a C wave. I don't think there will be any more important data releases until the FOMC meeting, so the market will have to digest what is already out there and price in whatever the market thinks will come next. That's assuming China and oil will see less volatility in the next couple of weeks.

I bought the China position I sold last week as the market today was pricing a sub-3000 sell off (4% less than last closing), so hopefully I'll sell it again for a profit next week.

Have a great holiday weekend!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish trend being challenged
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.