Elliott Wave Stock Market Update - August 12

A lower low was made today and technically it is enough for a B or W2 as the wave found bottom at the 38% retracement level, so we could see a bullish wave appear as soon as tomorrow. I still prefer to see the 1916 level tested first but not sure there are enough bears to bring the market down without a good geo-political excuse. Still, we could see market top around the 50 DMA before another bigger bearish wave to the 200 DMA at 1864. If the 50 DMA doesn't hold the advance then the market will very likely go for the IHS target of 1981.

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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.