Elliott Wave Stock Market Update - August 22

We got a small correction today as I was expecting and we could see the market continue the rally next week in a 5th wave to complete the structure. I was hoping maybe we would see 1979 tested, but 1984 is close enough and it is in the 0.5-1% correction range I mentioned yesterday so I sold my shorts to avoid a surprise on Monday. We could still see more downside on Monday but it's safer not to risk it unless there are clearly 5 waves in. If the wave from 1984 to 1992 is a micro W1, then I am expecting a top around 2005. Maybe it will extend to 2014 and then sell off to 666! not..

Have a Great Weekend!

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Short Term Trend = Bullish
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 into consideration other factors.