Elliott Wave Stock Market Update - May 5

There was a rally attempt early morning but gains faded by the end of the day. A couple of more corrective waves would effectively reset oscillators and set the market for another strong rally. But it's not clear yet if we will see just the 50 DMA tested or the support range between 1993-2020. 

My long position was stopped out at break even since I raised my stops to my buy price (perhaps prematurely). I'll try again when I see another lower risk/high reward set up. 
 
Short Term Trend = Bearish
Medium Term Trend = Bullish

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 into consideration other factors.