Elliott Wave Stock Market Update - August 3

The market has rallied towards the Trend Average as expected but unless there is a strong bullish wave tomorrow we could see another bearish impulse towards the 2134 level to complete a zig zag. Considering oil might have bottomed, a rally in energy could be a good excuse to finish up the correction and push prices towards 2200. The other possibility is a continued counter-rally towards resistance at 2178 and then form another Inverse Head and Shoulders.

I ended up selling my longs for a small profit towards the end of the day and looking to buy back on another set up.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
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.