Elliott Wave Stock Market Update - August 25

The market tried to rally earlier in the morning but gains were reversed and now the Trend Average has turned bearish. While prices have not gone under the 2168 level I mentioned yesterday, the lack of bullish momentum should be a concern to bulls in the short term. I ended up exiting my long position in expectation of lower prices. The next level of support lies in the 2155-59 area.

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Short Term Trend = Bearish
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.