Elliott Wave Stock Market Update - October 20

The market reached and peaked at the 2039 resistance level I've been mentioning for few weeks. I had originally expected this level to be challenged back when the market topped at 2020 but it took an extra month to get there. If the market is able to get past 2039, then the next stop will be the 2055 level. Technically speaking, there are enough waves to call the top today but there might be a little more left for one more push.

I also added a bit more to my China position, so hoping that market will continue going higher now on a second "bubble" rally.

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.