Wednesday, August 2, 2017

Elliott Wave Stock Market Update - August 2

The marker gapped up early morning and attempted to sell off, only to find support at 2466 before rallying back to a positive close. While the bearish set up for a bigger correction remains, the fact that support has held so well sends a signal of a sideways correction. And unless lower lows are not made soon, there will be enough of a time correction to allow prices to reach the 2500 level. Given this possibility, I closed my short position at a minor loss at the TA and locked in all my gold gains. I'll give gold and shorts another in the near future, in the meantime,  I might have to join the bullish crowd temporarely.

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

Short Term Trend = Bullish
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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