Wednesday, August 9, 2017

Elliott Wave Stock Market Update - August 9

The market has counter-rallied today but it still ended up closing below the Trend Average, which has now turned bearish. However, until I see 2459 low cleared, I wouldn't assume a real correction is taking place. I think it will take actual military action against North Korea to really send the markets into a sell-off, so for now, the whole North Korea event is just being used as an excuse to lock in profit. I will keep the gold I just bought until the trend reverses or hits 1300, whichever comes first.

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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