Elliott Wave Stock Market Update - September 28

The market ended going back to the previous low as expected and then some. The low today was 1879, which is close to the 1867 low to start a bounce. Also, the micro-count we've been following is technically complete so we could now see a counter-rally to test the Trend Average. However, if the (iv) label ends up being a (ii), then there is plenty of downside to come before a meaningful bounce. The reason I didn't label the seemingly 5 waves down to 1908 a complete 5 count (which implies today is part of a (iii)-) is because of wave rule violations, specifically the (iii) being just a bit shorter than (i) and (v). Ideally, we would see a bounce and then more downside to get to the target of 1820 or a bit below.


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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.