Thursday, May 24, 2018

Elliott Wave Stock Market Update - May 24






















Prices had a bearish start for the day after Trump announced he would be cancelling the much anticipated meeting with N Korea but the market regained most of the losses by the end of the day. The close is again above the TA and all this sideways trading could be interpreted as a correction. So unless support is broken for good, we will see another rally coming in the next few sessions.

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

Wednesday, May 23, 2018

Elliott Wave Stock Market Update - May 23






















The market had a bearish start today but was able to erase losses and end the day in black. If the market continues the count posted, we should see further downside or sideways trading before another bullish wave to higher highs.

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

Tuesday, May 22, 2018

Elliott Wave Stock Market Update - May 22






















The market made a higher high to technically finalize the count posted. Whether or not there is more upside remains to be seen but if we see a Trend Average test then probably we will see more of a corrective period before another substantial rally. The worst season for stocks is coming up so it will be interesting to see the market holding up during this time.

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, May 21, 2018

Elliott Wave Stock Market Update - May 21






















Prices climbed higher today but still feel short of making a higher to complete the 5th wave on the chart. There is a chance of a failed 5th if we don't see a higher highs tomorrow. I can't image the market going sideways again without breaking our or breaking down.

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

Friday, May 18, 2018

Elliott Wave Stock Market Update - May 18






















The market ended slightly down but the count continues to be in play. It seems like the market is waiting for the outcome of the US-China trade talks. Trump was downplaying expectations yesterday but then he was "hopeful" so who knows what that will come down to. The only predictable thing about Trump is his unpredictability. I am staying long over the weekend so we'll see.

Have a great weekend!

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

Thursday, May 17, 2018

Elliott Wave Stock Market Update - May 17






















Not much to add today as the market basically traded sideways and closed flat. Still waiting for the 5th wave to materialize.

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

Wednesday, May 16, 2018

Elliott Wave Stock Market Update - May 16






















The market started to bounce today and we should see a higher high if the count posted is correct. If the market goes into a correction and doesn't go below 2704 then we should see a strong bullish wave in the next day or two. If 2704 breaks then 2683 would be the line in the sand for the 5 count to remain in play.

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

Tuesday, May 15, 2018

Elliott Wave Stock Market Update - May 15






















I was expecting the market to go up today but it did not happen. Still, the count remains viable  and we should see another leg to a higher high. However, I am not sure how the market will receive the new that North Korea might cancel on Trump. No big deal economically speaking but not exactly good for sentiment.

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, May 14, 2018

Elliott Wave Stock Market Update - May 14






















The market seems to be following the count posted and we should a higher high to complete the 5th wave before a pullback. I ended buying some shares that I will probably sell tomorrow or Wed so hopefully we'll see the market rally to resistance. Maybe the summit with Kim J and working out trade deals with China will fuel the market for now.

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

Friday, May 11, 2018

Elliott Wave Stock Market Update - May 11






















Prices have continue to rise as expected and it looks like there is a 5 count in play. If it is indeed a new impulse, prices could easily reach 2800 in the next few weeks. It's unusual for the markets to rally in the summer but given the possible consolidation in the last few months this is now a real possibility.

Have a great weekend!

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

Thursday, May 10, 2018

Elliott Wave Stock Market Update - May 10




















The market challenged and cleared the 2717 level I mentioned yesterday and with this move the market invalidates the most recent bearish pattern that had been in place. This doesn't mean it is all clear just yet as bulls have to overcome 2801 to be firmly back in control. For now, I assume prices will continue to rise until resistance is met in the 2780-2800 area.

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

Wednesday, May 9, 2018

Elliott Wave Stock Market Update - May 9






















The market broke out of resistance today and we should see the next resistance level at 2717 challenged. If that level is cleared then we could see a rally towards the 2800 level in the next week or two. Also, the close is above the 50 DMA and consistent trade above this trend prevents a death cross and resets all signals to bullish.

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

Tuesday, May 8, 2018

Elliott Wave Stock Market Update - May 8






















Prices pulled back slightly today and we could see a breakout attempt tomorrow if resistance at the neckline breaks. I would find it surprising the market is chooses to breakout after earnings and during this time of year but it is what it is. No point in fighting the trend.

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, May 7, 2018

Elliott Wave Stock Market Update - May 7






















The market managed to climb higher today and invalidate the previous bearish pattern that was in place, so now we are back to square one. The TA has also turned bullish and we could see an attempt to challenge 2717 in the next week or two. Looking at the current pattern, there is a potential for an IHS to develop if we see a pullback that stops around 2612 support. I still would like to see the market do a death cross soon but the market will be done when its done.

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

Friday, May 4, 2018

Elliott Wave Stock Market Update - May 4






















The market had a strong day today and closed the day substantially above the Trend Average. Still, the index remains vulnerable to substantial selling unless prices are able to get past 2682.92. I didn't commit to any positions today but will go short with a stop a resistance on Monday unless the bearish downtrend is invalidated. Also, I posted a longer term chart to point out a possible incomplete count. Looking at it, one can see it is the missing 5th wave which would fit perfectly and make it a textbook 5 count. Prices have been triangulating most of this year and essentially resetting the weekly oscillator, so the base for a rally will be there. Fortunately, we have the Trend Average indicator that will keep us on the right side of the trade, so whether this count materializes or fails won't matter as much.

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

Thursday, May 3, 2018

Elliott Wave Stock Market Update - May 3






















Prices breached the 2612 pivot I was looking at earlier today before bouncing most of the day. However, selling is now likely since the potential bullish pattern in place was invalidated. I was looking to short today but unfortunately the market is closed and can't place the order. If prices are still elevated tomorrow, I will go short with the stop at resistance.

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

Wednesday, May 2, 2018

Elliott Wave Stock Market Update - May 2






















The market made a marginally higher high today but experienced selling pressure in the last few hours and now looks ready to sell off in the next session or two. The key level bears must break is 2612, if that  level goes then we should see the start of a bearish summer. I don't think the market cares about how great earnings are so it's a good time to keep accumulating cash.

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

Tuesday, May 1, 2018

Elliott Wave Stock Market Update - May 1






















The market made a lower today but managed to bounce back and close the day in positive territory. If the bounce stalls before before the neckline mentioned yesterday then there will be a good chance a strong bearish will come to test if not break the 2612 low this or next week.

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