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

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