Elliott Wave Stock Market Update - October 5

The market kept rallying today in what seems like a bullish micro W3 and I wouldn't be surprised if 2020 is going to be challenged before any meaningful correction. I have been hoping for an "ideal" zig zag to 1820 since the correction started but the higher the market goes, the higher the possibility the correction is over. It seems a weaker than expected jobs report is all the market needed.

I ended up being stopped out of my short at 1956, so not much harm done. And I'll try again at the end of 5 waves or at resistance. Maybe there is still one bearish wave left to this market? China seems like it needs one more bearish wave to complete its correction and maybe that will help the bearish case here. But as it stands, bears are starting to run out of time.

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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.