Elliott Wave Stock Market Update - October 6

The market has gone into what seems like a W4 and this implies further upside before a bigger correction. Oil is finally breaking out of range and this will help energy components of the market, making it harder for bears to challenge recent lows. If bears fail to bring down the market to the 1867 level again in the next few weeks, chances are the correction that started in May is nearing its conclusion and we will see the resumption of the bull market for one final leg to new highs.

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 = Bearish

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.