Elliott Wave Stock Market Update - August 27

The market corrected as I was expecting and so far it looks like it will be a small W4 correction. Perhaps it will go into some form of zig zag to the level I mentioned yesterday, but I can also see the low for today as the entire correction since that low coincides with support. So we'll see how the market reacts to the news of Russia actually sending personnel into Ukraine to fight. If the market ignores it, chances are new highs will come as soon as this week. I closed my shorts for a small profit to avoid the risk of a gap up, but I will buy them back when I see the structure completed.

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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.