Elliott Wave Stock Market Update - August 15

The market rallied to yet another all time high as expected and looks like the wave is evolving into a nested bullish 1-2 set up. The target I have for the impulse from 2172 is 2212 but this could go much higher given the 5th wave extension. The bullish pattern would be reversed if 2172 gets breached on a pullback. I went long early morning at 2189 and setting a partial stop at 2179 and then 2172 for the rest.


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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.