Elliott Wave Stock Market Update - September 30

The market has rallied as expected towards the Trend Average and I am expecting a test as soon as tomorrow. The real challenge for bulls will be the 1950-1955 area, if they can clear resistance then they increase their chances of reversing the ongoing downtrend. Still, I'd like to see another low before the start (or continuation) of the bull market. Looking at the fundamental picture, there is nothing out there that points to anything more serious than a correction at this point.

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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.