Elliott Wave Stock Market Update - October 26

Prices almost invalidated the bullish set up early in the morning by testing the 2130 level. However, the low was at 2131 and we should see a bullish wave as soon as tomorrow. The big question now is whether the coming wave is really a W3 or another zig zag wave that will not be able to get past 2160. If prices fail to get past resistance, I am going to assume the market is just waiting for the elections to be over to make its next substantial move as earnings (which have mostly surprised to the upside so far) are basically being ignored.

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Short Term Trend = Bullish trend being challenged
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.