Elliott Wave Stock Market Update - August 28

The pulback has continued today and the market made a slightly lower low. And like yesterday, the correction could now be over since short term oscillators have been reset and the market has chosen to ignore Russia. If Russia had sent troops to Ukraine a few weeks ago when the market was under the 50 DMA, I am sure the market could have really sold off. But for now, the market doesn't think Russia going into actual war is going to impact the equity markets much. The market wants to make new highs and apparently there isn't much that is going to stop it for the time being.

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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.