Friday, October 28, 2016

Elliott Wave Stock Market Update - October 28

Support at 2130 broke as I had suspected it would so a test of 2100 is now likely given the H&S pattern. The sell off today is attributed to the Hillary's ongoing criminal investigation and it seems like the outcome of the elections will be the key catalyst going forward. I am assuming if Hillary win then the market goes for a new all time high for sure, if Trump wins then we will finally see the market roll over and the end of the wave structure that started in 2009. Many have written off Trump already, including myself when the tape came out. But the latest email inquiry brings Hillary down and Trump has a real chance of becoming the President.

It will be actually funny if "Carlos Danger" (Anthony's Weiner's nickname) brings down Hillary's campaign, considering how he managed to screw up his own political chances twice for being a pervert.

I sold my longs and will be buying back at the test of support. Have a great weekend!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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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