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.