Elliott Wave Stock Market Update - August 15

The market gapped up this morning but then lost all its gains before bouncing at end the day neutral.  I realized I made an error in calculating the length of the C wave. Adding length of A to 1928 gives 1968 not 1978, so the high today would satisfy a C wave and allow for a sell off on Monday. At the same time, I could argue for the nested 1-2 that will top over 2000 once the entire structure is complete. Given the bullish cross on the daily MACD, the bullish TA and the IHS pattern. It looks like bulls are back in charge. Too bad, I missed my chance to go long.. but at least, I am enjoying my long term portfolio.

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Short Term Trend = Bullish
Medium Term Trend = Bearish Trend being Challenged

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.