Elliott Wave Stock Market Update - September 17

The market put in the Inverse Head and Shoulders pattern I was expecting yesterday and now the target is 2024. Also, the Trend Average is back to bullish so we might see another test before a rally to new all time highs. The one thing I am not too clear on is the micro count, so for now I am just going to follow the IHS pattern and let the waves evolve. Now that we got the Fed statement, we have a good excuse for the market to resume its rally. Additionally, the Alibaba IPO is coming soon and that might create a bullish environment as this is a behemoth in the Chinese market (as significant as Google is to the US). If fact, I will most likely buy some for my long term portfolio. I closed my shorts before the statement but not profitably as I had hoped as the market lingered at 1998-99 before it went down for a few seconds (the only time where I could have made a profit). I will probably short again but not until I see exhaustion. Bears need a strong reversal day to invalidate the IHS, otherwise this thing is going up.

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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.