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.