Elliott Wave Stock Market Update - October 7

The market tested 2140-45 support and staged a rebound for the 4th time in 2 weeks. It's basically the same song and dance until prices manage to break out or break down. The longer these sideway moves occur under the 50 DMA, the more bearish I am becoming. So at this point I am not sure if the market will be able to make much higher highs because of the lack of bullish conviction. As I said a couple of weeks ago, it's time to be cautious.

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.