Wednesday, May 30, 2018

Elliott Wave Stock Market Update - May 30

The market staged a strong counter-rally to close at resistance right above the TA. Anything short of a strong sell off in the next few days will be a sign the market is getting ready for another rally again. The number to watch is the low today at 2676, which can not be breached for the bullish pattern to evolve.

Short Term Trend = Bearish trend being challenged
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