Monday, April 30, 2018

Elliott Wave Stock Market Update - April 30

A micro 5th wave did materialize and a higher high was put in at resistance (2683) as expected but gains were reversed by the end of the session. It's important to note that a neckline has formed at 2683 and any correction low higher than 2612.67 could result in a reversal pattern and a rally to challenge the 2717 high. So bears must break support at 2612.67 for the downtrend to continue in the next few weeks.

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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