Elliott Wave Stock Market Update - September 29

The market had a bad day today and it is barely hanging to its now weakened bullish bias. In fact, the lower high made yesterday is showing signs of a top. So unless we see a convincing rally that is able to clear resistance, we will see lower lows in the next week or two. It would be good to see a rally to new highs but it is time for caution as the market is showing signs of stalled momentum.

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Short Term Trend = Bullish 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.