Elliott Wave Stock Market Update - September 9

The market challenged the 1993 resistance today but reversed gains after the sell off in oil. The markets I mentioned yesterday, the RUT and the NASDAQ have technically broken to the upside so despite the selling today, odds now favor further upside after consolidation. I think the main question is whether the sell off will continue once the 50 DMA is challenged.

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.