Tuesday, May 29, 2018

Elliott Wave Stock Market Update - May 29

Prices finally moved out of its trading rage and almost ended up testing its 50 DMA at 2672. The TA turns bearish with today's selling but until prices go below the 50 DMA, there is still the possibility of higher highs coming as this correction was predicted by the count posted over a week ago. The one factor that favors bears is seasonality, so if there is a stronger pullback coming then it better start soon .

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

No comments:

Post a Comment