Tuesday, October 11, 2016

Elliott Wave Stock Market Update - October 11

The market finally broke out of range and it was to the downside. The bottom today was 2128 and it is extremely important for bulls to hold the 2120 support level. If prices break before support then the rising 200 DMA at 2067 is likely to be tested fairly soon. As I said couple of weeks ago, it's best to be cautious until a clear pattern appears.

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 trend being challenged
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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