Elliott Wave Stock Market Update - September 15

The 1993 resistance area is being challenged again after a series of higher lows, which is generally a bullish pattern. Also, there is an Ascending Triangle forming that targets 2083 but I don't normally see this pattern near the bottom (it's usually on the W4 position). Then again this is really the first down-trending market I've charted since the beginning of this blog, so this is a learning experience for me. The key to the next move is in Yellen's hands, so we'll just have to wait and see how she manages to raise rates while keeping markets calm. My guess is a 0.25% rate hike with further hikes depending on data for the rest of the year, that should keep everyone happy.

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Short Term Trend = Bullish
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.