Tuesday, August 16, 2016

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 Analytics

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