Thursday, May 3, 2018

Elliott Wave Stock Market Update - May 3

Prices breached the 2612 pivot I was looking at earlier today before bouncing most of the day. However, selling is now likely since the potential bullish pattern in place was invalidated. I was looking to short today but unfortunately the market is closed and can't place the order. If prices are still elevated tomorrow, I will go short with the stop at resistance.

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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