Elliott Wave Stock Market Update - October 27

The market failed to rally today as I was hoping and instead ended the day testing what seems like the neckline of an H&S. Also, the TA has turned bearish as well so a break of 2130 will lead to a test of 2100. If support can hold the selling then the bullish case will still have a chance but it is not looking too promising given the ongoing pattern. I was busy today and didn't get a chance to exit my long position so I will remain skeptically hopeful.

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.