Elliott Wave Stock Market Update - October 14

The market was able to reverse the bearish set up mentioned yesterday and there is now hope for a bottom. The pattern printed today looks like an inverse head and shoulders and we could see prices rally back above the 50 DMA at 2165 next week. With that said, if the counter-rally fails to recapture the 50 DMA then this week's low is likely to be tested again. At this rate, maybe the market will make up its mind by the time the election is over. And not that it matters much since I think it's almost a given at this point that Hillary is going to win. Trump dug his own political grave with his motor mouth and his small hands. The GOP better get an electable candidate next time or else it will be 16 years of Obama/Clinton.

Have a great weekend!

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.