Tuesday, August 22, 2017

Elliott Wave Stock Market Update - August 22

The market counter-rallied substantially today to test the Trend Average as expected. The wave looks like a potential 5 count, so I am assuming the rally will continue past the TA and possibly turn the trend bullish again. However, if prices fail to overcome the TA, then lows will be tested again in the near future. I sold half my long position for a nice profit and I am going to hold on to the rest until I see a possible top or get stopped out at break even. For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com

Short Term Trend = Bearish trend being challenged
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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