Monday, April 16, 2018

Elliott Wave Stock Market Update - April 16

The market managed to close above resistance and this helps the bullish case. However, I'd like to see prices get past the 50 DMA at 2687 before assuming there will be a successful breakout that will send prices well above 2700. Looking at the intermediate term chart it looks like the market is getting ready for a death cross so bulls have a limited window of opportunity to avoid this. I have been cash to be on the safe side, no need to rush.

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

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