Elliott Wave Stock Market Update - August 04

The market has continued to bounce and there's now an ABC from the 1916 low. A drop from this level to make a lower low would satisfy the 5 wave count, hopefully it will be in the 1885-900 area so I can go long! If the the bounce continues and is able to over the 50 DMA at 1954 and the Trend Average, then there's a chance for the bulls to regain control. But for now, this remains a counter rally within a bearish trend. Also, the Medium Trend change to the bearish side looks imminent at this point. It would take a huge day up to keep the IT from turning bearish.

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Short Term Trend = Bearish
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.