Elliott Wave Stock Market Update - September 22

The market broke its uptrend support decisively today with what seems like a bearish W3 or a C wave. The close was under the Trend Average and the level I am looking at to confirm the start of a larger downtrend is a clean break of 1978. It's hard to label the wave from 1978 to 2019, but the higher high is usually a sign that we will see that level challenged again. So I am on a wait and see mode until we see something clear. Perhaps the plan is a 1978 test and then a bounce to form a right shoulder? We'll find out very soon.

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Short Term Trend = Bullish trend being challenged
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.