Elliott Wave Stock Market Update - October 5

The market mounted a counter-rally today but was not able to overcome resistance at the 2165 level. The market is basically stuck in this range and could continue for quite some time until a good excuse is found to continue the rally or to sell off and call the 2193 a top. Personally, I hope the top will be a bit higher so the fall can be harder. I will be accumulating cash and staying on the sidelines in the meantime unless I see a good short term trade set up.

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

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.