Wednesday, August 16, 2017

Elliott Wave Stock Market Update - August 16

Prices reached a higher high today but stopped right at the 2474 resistance level. The pattern in place could go both ways since clearing resistance would lead to a breakout to new ATH, while a break of support at 2461 should lead to a test of last week's low at 2437 or lower. Given the negative bias, I assume prices will head lower as long as the high today does not get taken out. There is no shortage of excuses to sell given the latest Trump political reality show.

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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