Elliott Wave Stock Market Update - August 17

The small IHS set up I had been following was eliminated with today's low at 2168 but the market still managed to maintain its short term bullish by closing marginally above its Trend Average. Looking at the count, the only possibly bullish way to count this is by assuming this is an expanded flat with today's low being the low point of a strong bullish wave to come. However, if the market fails to keep trading above the Trend Average (currently at 2182) then the market will have topped for the time being and a stronger correction will occur in the near future.

I was stopped out at 2172 but going back long if I see further signs of the expanded flat being the correct count.

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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.