Elliott Wave Stock Market Update - August 18

The market continued its counter-rally that started yesterday and ended the day at gap resistance. Considering the market continues to trade above the Trend Average, the assumption is new all time highs will be achieved as long as yesterday's low doesn't get breached. I went long again today using the new set up so hoping we will see the all time high challenged soon.

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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.