Friday, September 30, 2016

Elliott Wave Stock Market Update - September 30

The market managed to rally towards resistance (2175-2180) and ended topping at 2175 before giving up some gains. I see a completed micro-5 count from the 2145 low and this reinforces the short term bullish trend. Still, prices need to close above the 50 DMA at 2168 and clear overhead resistance for the market to go substantially higher in a new multi-week rally. Considering the election time frame and the holidays, the ideal would be a rally in the next few weeks. But considering there are now 5 waves from the 2009 low, it's best to be cautious whenever the market dips below the 50 DMA.

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Short Term Trend = Bullish
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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