Friday, June 22, 2018

Elliott Wave Stock Market Update - June 22

Prices closed slightly up today after a weak counter-rally and it looks like lower prices are coming early next week. With the announcement of tariffs in the EU and more potential tariffs by stable genius, the markets now have a good reason to sell off. Technically, there is no end in sight as the genius is bypassing the WTO (which has been in place since 1948 to solve trade disputes) and going by his gut feeling. The result if this succeeds or fails is basically the same, substantial inflation ahead by way of more tariffs on products we all buy from abroad or products made in the US inflated by severe labor market pressure. I normally don't want time to go by fast as I am in my 40's but I can't wait for 2020 for someone else to be President, even if they take my tax cuts away.

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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