Elliott Wave Stock Market Update - August 31

Prices made a lower low today but bottomed just barely above last Friday's low of 2160. Technically the bullish bias continues to be in play but now the Trend Average is firmly bearish again. I think prices will ultimately will break out and go much higher but we could see more turbulence for the time being. I stopped out at 2168 with a small profit and will be looking gor another set up to go long again.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* 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.

Elliott Wave Stock Market Update - August 30

The market went into a minor correction as expected and so far the bottom has been above 2168. So there is a chance for a stronger bullish wave starting in the next session or two if today's low at 2170 does not get breached. I didn't get a chance to lock profits in the morning so I guess I will just ride the whole thing to new ATH.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bullish

Long Term Trend = Bullish

* 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.

Elliott Wave Stock Market Update - August 29

Prices staged a decent counter-rally today and now we have to see if this evolves into a full rally or a continued correction. If the coming pullback is able to bottom above 2168 then there is a good chance of a strong close for the week. The close was above the Trend Average and could turn bullish tomorrow if there is follow through buying. I raised my stops to 2168 (or slightly profitable) and might take some profit tomorrow on half of the position.'

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bullish

Long Term Trend = Bullish

* 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.

Elliott Wave Stock Market Update - August 26

The market gapped up early morning but went lower to test the support area I mentioned yesterday as expected. The previous bullish set up is obviously gone, however the pattern is looking like a complex correction with support in the 2155-59 area. How the market reacts when the Trend Average is challenged should provide us guidance for the next few weeks. Failure to recapture the TA will lead to lower lows but if prices are able to turn the TA signal to bullish again then we will see new all time highs. I ended up buying back the longs I sold yesterday at 2161 and my stop is 2160.39 or today's low.

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 = Bearish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* 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.

Elliott Wave Stock Market Update - August 25

The market tried to rally earlier in the morning but gains were reversed and now the Trend Average has turned bearish. While prices have not gone under the 2168 level I mentioned yesterday, the lack of bullish momentum should be a concern to bulls in the short term. I ended up exiting my long position in expectation of lower prices. The next level of support lies in the 2155-59 area.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* 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.

Elliott Wave Stock Market Update - August 23

Prices went under the 2175 resistance level mentioned yesterday and now the market is facing the possibility of a top. A drop below 2168 would confirm a deeper correction and turn the Trend Average bearish. With that said, not all bullish hope is lost as the overall trend remains bullish and the market still trades above the Aug 17th low of. I decided to keep holding low until the TA becomes negative.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish

Long Term Trend = Bullish

* 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.

Elliott Wave Stock Market Update - August 23

 

Prices broke out of the triangle today but reversed a good portion of the gains by the end of the day. The somewhat pronounced reversal takes out a micro W3 out of the equation for today's wave, leaving a nested bullish set up as the only feasible bullish pattern. Continued upside should be expected as long as 2175 doesn't get breached.

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 = Bullish

* 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.

Elliott Wave Stock Market Update - August 22

The market didn't do much but triangulate in today's session. Normally, these types of moves end up breaking out towards the direction of the trend. But there are "failures" to this pattern and a break of 2175 resistance would be a a sign of a possible change of trend. I am holding on to my positions and hope we'll see the count evolve as labeled.


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 = Bullish

* 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.

Elliott Wave Stock Market Update - August 19

The market went into a minor correction today but managed to close right at the TA. I'd like to see count confirm next week by going towards higher highs. Failure to gain traction will most likely result in a change of trend and a stronger correction. However, overall momentum continues to favor the bullish side. I am keeping my longs and my stop at 2168.50.

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 = Bullish

* 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.

Elliott Wave Stock Market Update - August 18

The market continued its counter-rally that started yesterday and ended the day at gap resistance. Considering the market continues to trade above the Trend Average, the assumption is new all time highs will be achieved as long as yesterday's low doesn't get breached. I went long again today using the new set up so hoping we will see the all time high challenged soon.

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 = Bullish

* 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.

Elliott Wave Stock Market Update - August 17

The small IHS set up I had been following was eliminated with today's low at 2168 but the market still managed to maintain its short term bullish by closing marginally above its Trend Average. Looking at the count, the only possibly bullish way to count this is by assuming this is an expanded flat with today's low being the low point of a strong bullish wave to come. However, if the market fails to keep trading above the Trend Average (currently at 2182) then the market will have topped for the time being and a stronger correction will occur in the near future.

I was stopped out at 2172 but going back long if I see further signs of the expanded flat being the correct count.

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 = Bullish

* 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.

Elliott Wave Stock Market Update - August 16

The nested bullish  1-2 count I was hoping for was invalidated today with today's breach of 2179. However, the IHS pattern remains in place as long as 2172 holds a continued correction. August is the slowest month of the year in terms of volume and any sudden interest in buying (or selling) could move the index substantially. Since I am long, I am hoping the Fed minutes will be the excuse tomorrow for a rally to 2,200+.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish

Long Term Trend = Bullish

* 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.

Elliott Wave Stock Market Update - August 15

The market rallied to yet another all time high as expected and looks like the wave is evolving into a nested bullish 1-2 set up. The target I have for the impulse from 2172 is 2212 but this could go much higher given the 5th wave extension. The bullish pattern would be reversed if 2172 gets breached on a pullback. I went long early morning at 2189 and setting a partial stop at 2179 and then 2172 for the rest.


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 = Bullish

* 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.

Elliott Wave Stock Market Update - August 12

Couple of months ago I mentioned the IHS target of 2200 and how it was going to be interesting to see the market achieve this level particularly during this time of the year. And it is looking like a straight shot from the Brexit lows to the IHS target. The absence of substantial selling pressure is obvious and the best way to count this given the current pattern is an extension of the 5th wave to 2200+. Today's higher low set up another small IHS to just over 2200 and this implies a rally starting early next week as long as yesterday's low holds. I ended selling my shorts for coffee money and didn't go long because I just saw the pattern right now. But if there is an opportunity on Monday, I will be back long again. It's worth noting I haven't had a single bad trade since earlier in the year so maybe my luck will run out soon :)


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 = Bullish

* 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.

Elliott Wave Stock Market Update - August 11

The market turned around today and even made a new all time high. However, the count continues to look finished to me so I am sticking to my short term bearish bias despite the Trend Average being bullish. I am leaning towards labeling the high today as a B wave of an expanded flat so I'd like to see a bearish wave test 2172 in the next session or two. If prices manage to break through resistance then I'll change my mind on the completion of the wave. I went short at 2187 hoping for quick buck.

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 = Bullish

* 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.

Elliott Wave Stock Market Update - August 10

The count was finished yesterday as I had suspected and we will now see if this is going to be a stronger correction that will end up going below the 2147 low from last week. Obviously, I'd like to see the Trend Average turn bearish to confirm a deeper pullback. Also, one possibility we have to keep in mind is the Inverse Head and Shoulders I mentioned last week which is using 2185-2187 as the neckline. The top yesterday at 2187 produces the perfect neckline if you use the cash equivalent high made couple of weekends ago. So failure to go below 2147 will result in a strong wave to 2200+.

I remain in cash and see how the correction evolves in the next few sessions before going long again. Oil btw is creating a good risk/reward set up so I might go long there too.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish

Long Term Trend = Bullish

* 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.

Elliott Wave Stock Market Update - August 9

The market made a new time high as expected before giving up most of its gains. Today's peak is enough to call the 5 micro-waves complete but this needs to be confirmed with a break of yesterday's low at 2177.85. The main question now is whether the wave from 2147 is a one wave leg or will this evolve into a 5 wave event to substantially higher highs. I still think the market will rally as long as Obama is still President given his luck and the blame for the coming bear market will fall on Hilary or Trump. The good thing is whoever wins in November will be out by 2020 (considering they are both horrible candidates).

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 = Bullish

* 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.

Elliott Wave Stock Market Update - August 8

The market went into what seems like a W4 correction on the micro-count and we should see a new leg to higher highs in the next session or two. Since this is the 5th wave of the structure that started at Brexit, once buying is exhausted we should see a substantial pullback to digest gains for this 10%+ bullish run. I think we could see 2200 soon but not sure about the 2220 IHS target I mentioned couple of months ago, still it's close enough.

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 = Bullish

* 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.

Elliott Wave Stock Market Update - August 5

The market reversed its short term bearish bias and closed at a new all time high after a jobs report blowout. With this new high, the Trend Average turns back to bullish and the chances of the 2134 gap being tested appear slim before the completion of the entire structure from the Brexit low. On Tuesday I posted "We could get some sort of Zig Zag to ultimately test the 2134 level, a flat or a one wave wonder where today's low was it" and it looks like the correction on Tuesday turned out to be a one wave wonder after all.

I will buy back my longs on the coming correction. There is a good chance of another Inverse Head and Shoulder's forming using the pre-market high I mentioned on Monday as the neckline so this set up would be a no-brainer. Last but not least, I think I have all the parameters for the account I am going to set up to trade against the S&P 500 and I will make a separate post on this later. So many people say it's impossible that this to me is the ultimate challenge.

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 = Bullish

* 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.

Elliott Wave Stock Market Update - August 4

Prices managed to test the Trend Average early in the morning before pulling back a few points the rest of the day. Unless there is a surprise in the jobs report tomorrow, the bias is to the downside with 2147 providing initial support. It would be good to see stronger selling to finish up the correction but we'll see. Also, oil is potentially forming a bottoming pattern and I might go long there if I see the good set up.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* 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.

Elliott Wave Stock Market Update - August 3

The market has rallied towards the Trend Average as expected but unless there is a strong bullish wave tomorrow we could see another bearish impulse towards the 2134 level to complete a zig zag. Considering oil might have bottomed, a rally in energy could be a good excuse to finish up the correction and push prices towards 2200. The other possibility is a continued counter-rally towards resistance at 2178 and then form another Inverse Head and Shoulders.

I ended up selling my longs for a small profit towards the end of the day and looking to buy back on another set up.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* 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.