Elliott Wave Stock Market Update - August 29

Prices staged a decent counter-rally today and now we have to see if this evolves into a full rally or a continued correction. If the coming pullback is able to bottom above 2168 then there is a good chance of a strong close for the week. The close was above the Trend Average and could turn bullish tomorrow if there is follow through buying. I raised my stops to 2168 (or slightly profitable) and might take some profit tomorrow on half of the position.'

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Short Term Trend = Bearish trend being challenged
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.