MMCLUB

[Naztrader]

Elliott Wave Update

For the countless dozens who read this thread just for the weekly Elliott Wave analysis....

Results from this weekend's EW analysis are as follows:

SHORT TERM
1) SPX down to 986 - 980 by Tuesday, 8-26
2) NDX down to 1274 - 1257 in the same time frame

INTERMEDIATE TERM
1) SPX down to 903 - 875 (NDX 1141 - 1092) by Sept 22nd.
Confirmation of the down move is a CLOSE below SPX 960.
2) Stop loss is a TRADE above SPX 1015.33 and a CLOSE above SPX 1011.66

Right now the program is giving a 50/50 chance the markets will move down. Not a vote of confidence for the bearish case. If upside is the direction of the break, we could move significantly higher before correcting back down. In fact, the move could very easily transition into the LONG TERM FORECAST without the long awaited deep retracement.

LONG TERM
1) No change to the long term forecast, SPX up to 1160 - 1252 by November.