Elliott Wave Stock Market Update - October 21

Prices failed to break out as I was hoping and instead made a lower low. However, the pattern continues to be bullish since the low at 2124 could be counted as a W2 and the TA is still green. Maybe a catalyst will finally come early next week and move the market out of range. I ended closing my position at 2138 and will wait for another opportunity next week.

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 = Bullish trend being challenged
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.