Monday, April 23, 2018

Elliott Wave Stock Market Update - April 23

The market ended the day flat and again under the TA which turns bearish with today's close. The TA signal has been very accurate in the past few trend changes so we'll see if the streak continues.  The obvious bearish target at this point is the 200 DMA at 2607 and we could see that level tested if sellers step up this week. Seasonally speaking, bulls don't have that much time left to stage a strong rally since May is coming soon and normally summer months are bearish.

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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