Elliott Wave Stock Market Update - October 13

The market continued to sell off as I was suspecting to make a lower low at 2114. Prices rallied back to erase most of the losses for most of the day but the pattern continues to be bearish as there is bearish nested 1-2. If bulls can push prices past the 2145 level then the bearish set up will be invalidated, if not then there is more selling ahead.

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Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged

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.