Elliott Wave Stock Market Update - August 8

The market went into what seems like a W4 correction on the micro-count and we should see a new leg to higher highs in the next session or two. Since this is the 5th wave of the structure that started at Brexit, once buying is exhausted we should see a substantial pullback to digest gains for this 10%+ bullish run. I think we could see 2200 soon but not sure about the 2220 IHS target I mentioned couple of months ago, still it's close enough.

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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.