Elliott Wave Stock Market Update - April 28

The counter-rally topped at 2099.89 and it lines up well as a B or W2 wave. We should find out if this will be a minor zig zag correction or a more sustained correction in the next few sessions.  If the current bearish wave turns out to be a C wave and it equals Ax1.618 in length, we will see a test of the the 50 DMA around 2040. I will go long around those levels with a stop at the 200 DMA.

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Short Term Trend = Bullish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* 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.