Elliott Wave Stock Market Update - August 9

The market made a new time high as expected before giving up most of its gains. Today's peak is enough to call the 5 micro-waves complete but this needs to be confirmed with a break of yesterday's low at 2177.85. The main question now is whether the wave from 2147 is a one wave leg or will this evolve into a 5 wave event to substantially higher highs. I still think the market will rally as long as Obama is still President given his luck and the blame for the coming bear market will fall on Hilary or Trump. The good thing is whoever wins in November will be out by 2020 (considering they are both horrible candidates).

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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.