Elliott Wave Stock Market Update - October 17

Prices continued to correct for most of the session today but the pattern continues to look like an IHS. We could see a rally take place as soon as tomorrow as long as the low from last week doesn't get breached. I am expecting the 2145-2150 level to be challenged but we could also see prices reach the 50 DMA at 2163. I went long today at 2130 in hopes the market will stick to the IHS pattern.

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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.