Elliott Wave Stock Market Update - August 31

Prices made a lower low today but bottomed just barely above last Friday's low of 2160. Technically the bullish bias continues to be in play but now the Trend Average is firmly bearish again. I think prices will ultimately will break out and go much higher but we could see more turbulence for the time being. I stopped out at 2168 with a small profit and will be looking gor another set up to go long again.

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.