Elliott Wave Stock Market Update - August 31

The market seems has started a correction but so far it is looking like a W4 wave, so we could see one more push up before the entire wave from 1867 does a proper correction. Whatever the case, my expectation is for the 50 DMA to be tested before another substantial sell off around the time the Feds make the decision on interest rates. So far, oil and China have been stable and this should help equities in the next few sessions.

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Short Term Trend = Bearish
Medium Term Trend = Bearish

Long Term Trend = Bearish

* 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.