Elliott Wave Stock Market Update - August 22

The market didn't do much but triangulate in today's session. Normally, these types of moves end up breaking out towards the direction of the trend. But there are "failures" to this pattern and a break of 2175 resistance would be a a sign of a possible change of trend. I am holding on to my positions and hope we'll see the count evolve as labeled.


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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.