Tuesday, August 29, 2017

Elliott Wave Stock Market Update - August 29

Prices plunged in pre-market after the latest North Korean missile launch but the market was able to recuperate from the selloff and counter-rally to erase all loses to close the session in positive territory. More importantly, the 2417 low was only tested in pre-market and this level held well. So I suspect the correction that started couple of weeks ago is coming closer to an end and prices will rally again towards ATH. We should get confirmation once the Trend Average and the 50 DMA is recaptured. With that said, if prices breach last week's lows, then the stabilization scenario would be invalidated.

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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