Elliott Wave Stock Market Update - August 5

The market had a strong opening today that challenged its most recent high before losing most of its gains the rest of the day. Looking at the waves, the market could be continuing its correction or this is part of a nested bullish 1-2. Seems like the weaker ADP jobs report is being interpreted as a sign that the Fed will not be raising interest rates soon, so the guessing game continues.

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Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged

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.