Monday, May 7, 2018

Elliott Wave Stock Market Update - May 7

The market managed to climb higher today and invalidate the previous bearish pattern that was in place, so now we are back to square one. The TA has also turned bullish and we could see an attempt to challenge 2717 in the next week or two. Looking at the current pattern, there is a potential for an IHS to develop if we see a pullback that stops around 2612 support. I still would like to see the market do a death cross soon but the market will be done when its done.

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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