Tuesday, September 13, 2016

Elliott Wave Stock Market Update - September 13

The correction has continued as expected but the retrace today was far more than I had anticipated. The low today at 2120 is marginally higher than yesterday's low so this could be a double bottom if this support level continues to hold. Considering the market has been in a correction for over a month, I wouldn't be surprised if we see a sustainable rally in the next week or two. But first, the TA needs to be recaptured for the market to stabilize. 

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.

Elliott Wave Analytics

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