Tuesday, July 17, 2018

Elliott Wave Stock Market Update - July 17






















Prices made a slightly higher high and we could see prices go a bit higher before a stronger correction  to test the TA takes place. If the next pullback ends up being a shallow one, we should see all-time highs challenged later this month or sometime in August.

Short Term Trend = Bullish
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

Monday, July 16, 2018

Elliott Wave Stock Market Update - July 16






















The market closed slightly down today in what seems like a sideways correction so we could see more upside coming in the next day or two if the lows made today hold. We could see prices rally for the rest of the month if a breakout occurs this before the week is over as momentum favors the bulls. Maybe the market will take comfort in the recent meeting our President had with his boss. Has anyone ever heard a US President humiliate himself as much as he did with his recent statement? Never mind most Republicans are embarrassed, he is even getting heat from Fox and Friends! lol.























Short Term Trend = Bullish
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

Friday, July 13, 2018

Elliott Wave Stock Market Update - July 13






















The market was able to overcome resistance and break through the 2801 peak I had been looking at for the past few months. While the move doesn't give an all-clear for the market to rally, the break of resistance is significant in that it invalidates the intermediate bearish pattern that had been in place for months. If the market is able to follow through on its bullish momentum next week then prices are likely to challenge or reach new all-time highs. I didn't think this would be happening in the middle of summer but I have been proven wrong by the market before and it's best not to fight the trend.


















Have a great weekend!

Short Term Trend = Bullish
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

Thursday, July 12, 2018

Elliott Wave Stock Market Update - July 12






















The market has followed the posted count and today's rally technically completes the count. What remains to be seen in the next few days is whether the intermediate bearish pattern is invalidated. The high today was 2799 so just a few points more and this could open the door to a rally to challenge all-time highs. I thought markets would be dropping by now but I guess the count will finish when it wants to finish, so just need to be patient.


Short Term Trend = Bullish
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

Tuesday, July 10, 2018

Elliott Wave Stock Market Update - July 10






















The market reached the IHS target of 2790-2800 which also happens to be resistance and we will soon find out if the rally is for real or the market is planning on tanking again. Looking at the labels, price action lines up perfectly with a 5 count to invalidate the intermediate bearish pattern. However, I just read stable genius just announce tariffs on $200 billion of Chinese exports to the US and the market is not taking it very well at the moment. So the count posted could well be an ABC move with another trend change coming to test recent lows. I didn't want to take a chance and sold all my SPY longs before the close.

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

Monday, July 9, 2018

Elliott Wave Stock Market Update - July 09






















The market continued its ascent today as expected and the main question now is whether 2790-2800 will be able to stop the rally or will finally break and invalidate the intermediate bearish pattern that had been in place for months. Considering there is a new daily MACD bullish cross, odds favor continued upside in the near term.

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

Saturday, July 7, 2018

Elliott Wave Stock Market Update - July 06






















The market broke out of its IHS pattern and is likely to go higher. I suspected bears had run out of fuel when I saw the bottoming pattern and this is why is always good to keep an eye for these possible trade changes. The TA turns bullish again on this reversal and my assumption is the 2790-2800 range will be challenged again.

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