Tuesday, October 27, 2015

Elliott Wave Stock Market Update - October 27

The correction continued today but again prices did not move much and short term oscillators have now reset for another bullish leg. I am looking at 2103 as the major point of resistance, so we'll see if the bulls have enough momentum to carry the market there. Once a short term top is found again, I expect the Trend Average to be tested. I'll probably buy back the shorts I sold last week as we get closer to resistance.

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 trend being challenged

* 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.

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