Elliott Wave Stock Market Update - October 15

Yesterday I mentioned how the correction had been looking suspiciously like a 4th wave and today we got confirmation with a higher high. I moved the (iii) label to 2022 and I am assuming 1990 is (iv) with (v) underway. The question now is whether this (v) will sub-divide and reach 2039 or the 2050 area. I haven't bought back my short position yet as I am waiting for 2030+ to lower risk. I did however buy silver to hold for a while as there are signs of a long term bottom.

There are only couple of more weeks left to trade this month and bear's chances are looking dimmer by the day. The intermediate trend turned bullish today and the long term trend will also turn if the market starts trading north of 2060.

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 = Bullish

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.