Tuesday, April 10, 2018

Elliott Wave Stock Market Update - April 10

The market rallied today again towards the resistance area (2672-2674) and we should find out soon if bulls intend to break it. The pattern does look like a bottoming pattern but there needs to be a breakout to confirm it. Also, we need to keep in mind the latest Trump news are serious and could cause a lot of volatility as events happen. If there are criminal charges against Cohen (Trump's personal attorney), Trump will be in a lot of trouble. The FBI can dig up a lot of dirt and that's why Trump is more preoccupied with the FBI than anything else. Maybe Mr Law and Order shouldn't have picked a fight with the FBI in the first place.

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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