Thursday, October 1, 2015

Elliott Wave Stock Market Update - October 1

The market tested the Trend Average as expected before heading down to 1900 and then rallying back to close the day on a positive note. I am still assuming the 1950-1955 area will be challenged but the original target for the bounce was a TA test, so the market can sell off again. I ended up selling half my longs and raised the stop to break even on the rest.  The technical picture favors more downside after the bounce is over but if the jobs report comes in strong tomorrow, we could start seeing the beginning of a turn around. As I said yesterday, the economy continues to expand and the news today of auto sales being the strongest since 2005 supports that view. Therefore, we could see the resumption of the bull market fairly soon.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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.

No comments:

Post a Comment