Elliott Wave Stock Market Update - October 26

The market consolidated in a somewhat uneventful day. Short term oscillators are resetting and I expect another rally soon that will challenge the 2100 level, which is where the next major resistance level is. October is almost over and the SP500 is up less than 1% in 2015, so we'll see what the bulls can do for the next couple of months. I remember my original projection for the SP500 for this year was 2250 in December 2014 (as long as there is no recession) and we might see the market get there if the rally starts gathering momentum.

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Short Term Trend = Bullish
Medium Term Trend = Bullish

Long Term Trend = Bearish trend being challenged

* 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.