Elliott Wave Stock Market Update - October 24

Prices finally broke out of range and the bullish pattern continues to be favored. We could see a pullback in the short term but it can't go below 2130 as it would invalidate the bullish set up. If the market is able to recapture the 50 DMA at 2160 convincingly this week , we could see a challenge to all time highs fairly soon. I ended going long again at 2151.

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Short Term Trend = Bullish
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.