Friday, August 18, 2017

Elliott Wave Stock Market Update - August 18

Selling continued today and prices made a lower low at 2420 before the Bannon-getting-fired rally, which subssided by the close. The bearish wave could arguably be done with today's low but I am assuming the high today was a W4 with one more leg towards a lower low. Ideally, another leg towards 2407 would set up a counter-rally towards the TA but something down to 2415 would be enough to call the 5 count done. I am planning to go long with a tight stop if prices reach support. Now that Trump is seeking a reset (not sure what else to call it given his main advisors have left), maybe that will be the excuse for a bounce next week. I just really hope he gets tax reform done.

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
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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