Elliott Wave Stock Market Update - August 1

A new all time high was made today as expected but it seems like the count completed last night in pre-market with a cash equivalent high of 2185 more or less. So unless prices are able to get past today's all time high, I favor a change of trend and a deeper correction to 2150's or 2134. I ended up selling in the morning for a small profit and now I am back to cash and waiting to buy around support or at the first sign of a bottom. I think Oil going below its 200 DMA creates a drag on equities in the near future but once that finds a bottom, stocks will rally along with it.

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.