Thursday, August 11, 2016

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

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 Analytics

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