Elliott Wave Stock Market Update - October 30

The 2100 hundred level was challenged in pre-market but the highest the market could go in cash was 2094 before selling off towards the end of the day. There is still a chance for one more push on Monday towards 2100 again before a correction to the Trend Average/200 DMA. I didn't get a chance to buy back shorts today but maybe I'll get a chance next week. I don't think resistance will break without a minor correction first given how much the market has rallied in the past month, officially the best month in 4 years!

Have a great weekend!

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.