Elliott Wave Stock Market Update - August 21

The market put in an all time high as I had been expecting and now we should see a pause for a W4 before another bullish wave that will rally past 2000. I am assuming the market will find the 1.618 ratio significant, but if there is not drop tomorrow then this W3 will start extending. And as I've said in the past, as long as the economic background (good earnings growth to be specific) continues to support a rally, this multi-year rally will go on and on. The fact the Fed might raise rates translates into a healthy economy, so the removal of QE is actually bullish and not bearish as some people think. With that said, I went short at 1993 in hopes of a .5-1% correction (A test of the TA would probably asking for too much). If this turns out to be an ABC from 1904, which I doubt at this point, then great. If not, I'll just make some money for my coffee fund.

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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.