Monday, August 21, 2017

Elliott Wave Stock Market Update - August 21

The market reached another low as expected and this satisfies the completion of the bearish 5 count that started at 2474. I see a bottoming pattern in place with 2417 as support, so as long as prices do not go below this level, there is a good chance for a counter-rally to test the Trend Average. Whether or not the correction continues after the TA test is another question. I went long at 2423 with a stop at support so I hope market sentiment will turn around tomorrow.

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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