Elliott Wave Stock Market Update - August 4

Prices managed to test the Trend Average early in the morning before pulling back a few points the rest of the day. Unless there is a surprise in the jobs report tomorrow, the bias is to the downside with 2147 providing initial support. It would be good to see stronger selling to finish up the correction but we'll see. Also, oil is potentially forming a bottoming pattern and I might go long there if I see the good 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.