Tuesday, July 10, 2018

Elliott Wave Stock Market Update - July 10

The market reached the IHS target of 2790-2800 which also happens to be resistance and we will soon find out if the rally is for real or the market is planning on tanking again. Looking at the labels, price action lines up perfectly with a 5 count to invalidate the intermediate bearish pattern. However, I just read stable genius just announce tariffs on $200 billion of Chinese exports to the US and the market is not taking it very well at the moment. So the count posted could well be an ABC move with another trend change coming to test recent lows. I didn't want to take a chance and sold all my SPY longs before the close.

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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