Friday, June 15, 2018

Elliott Wave Stock Market Update - June 15

The market opened down today after Trump announced tariffs on Chinese products. Normally, this would have caused a much bigger correction but the market managed to test the TA and close right above it. I still think there is enough strength for the market to go above 2800 but in light of the coming trade war with just about everybody, I don't know how the market is going to overcome the fundamental shift that a trade war implies. It is not only about the fact that trade will be down but that American multi-nationals will be making less money due to barriers being created in retaliation, thus less profits. But the Donald knows everything, so just let him shoot himself in the foot and guarantee an economic recession before 2020. After all, we do need a bear market correction.

Have a great weekend!

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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