Sunday, August 9, 2020

Elliott Wave Stock Market Update - August 8th

The market closed the week up +2.45% and is now headed towards an ATH challenge. In fact, if the TA remains bullish, we should see new all-time highs in the next week or two. It's such insane event if you take into consideration we just crossed 5 million coronavirus cases and the projection is now 300K deaths by December. That's more Americans dying than all wars combined since WW2 but it seems like the pandemic is not registering just yet. But as I've been saying, the time will come when all of a sudden the market realizes we are actually in a deep recession and reflect that in the numbers. Until then, the madness will continue.

Short Term Trendd = Bullish
Medium Term Trend = Bullish

Long Term Trend = Bullish

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* Trends are not trading signals. Trends are posted for situational awareness only and do 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 into consideration other factors

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