Elliott Wave Stock Market Update - August 11

The counter rally continued today but topped around the 1942 resistance level. The wave to 1944 can be counted as an A wave or a Bullish W1, so now I am expecting a retrace to around 1916 and depending on the wave after the retrace, we'll find out if the correction will continue or we're in for SP2000's. I don't see the market breaching its 100 DMA at 1915 on this coming bearish wave, so I might use that level to go long. But just in case, I bought back my Gold position.

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Short Term Trend = Bearish
Medium Term Trend = Bearish

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.