Monday, April 9, 2018

Elliott Wave Stock Market Update - April 9

The market showed strength at the opening but then it started reversing after approaching resistance. The close is again under the TA and we should know of there is a bottom in place or if the selling will continue in the next session or two. The lows at 2586 and 2573 are critical for the bottoming pattern, if they break prices will go towards a test a test of 2553. If bulls are able to clear resistance at 2672-2674 then prices will rally well into the 2700s. I would have gone long had the reversal not been so bearish, so I will wait until the market makes up its mind. No rush here.

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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