Thursday, April 5, 2018

Elliott Wave Stock Market Update - April 5

The counter-rally has continued today and prices closed the day challenging the resistance band in the 2659-2674 area. Prices should retreat tomorrow and bulls would have to defend the 200 DMA again at the 2592 level. The recent volatility will likely continue for as long as Trump keeps talking about trade tariffs. Maybe he will pay attention to his recently appointed Director of the National Economic Council.

But we all know Trump is a stable genius and will MAGA!

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

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