Wednesday, May 9, 2018

Elliott Wave Stock Market Update - May 9

The market broke out of resistance today and we should see the next resistance level at 2717 challenged. If that level is cleared then we could see a rally towards the 2800 level in the next week or two. Also, the close is above the 50 DMA and consistent trade above this trend prevents a death cross and resets all signals to bullish.

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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