Thursday, August 10, 2017

Elliott Wave Stock Market Update - August 10

The market continued to sell off today and now that support has broken, this sell-off could turn into the biggest correction this year. There is some support at 2439 but I think there is enough bearish momentum for prices to test the 2407 level before any significant bounce. In fact, I wouldn't mind going long as close as possible to at 2407 and set a short stop to play the counter-rally. My gold position is doing well and it looks like gold prices are headed towards 1300 sooner than I thought, so I am planning to get the most out of it.

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

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

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