Thursday, October 22, 2015

Elliott Wave Stock Market Update - October 22

I was wrong in assuming 2039 was the top of the count as prices easily broke resistance early morning. The next obvious challenge is 2060, which is the 200 DMA and if that breaks then there isn't much resistance until 2100. I moved some labels around to reflect today's rally but if the rally gets past 2060, then I'll have to consider something else. The bias has been right but the count is starting to look suspect.

I am assuming the positive earnings announcements after the market closed will push prices towards resistance tomorrow. I am ready to sell the shorts I bought at 2030 if the 200 DMA doesn't hold but I I will be buying them back later for a third try. At this point, I think most bears are starting to realize their time is over.

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

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.

No comments:

Post a Comment