Wednesday, May 2, 2018

Elliott Wave Stock Market Update - May 2

The market made a marginally higher high today but experienced selling pressure in the last few hours and now looks ready to sell off in the next session or two. The key level bears must break is 2612, if that  level goes then we should see the start of a bearish summer. I don't think the market cares about how great earnings are so it's a good time to keep accumulating cash.

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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