Wednesday, August 15, 2018

Elliott Wave Stock Market Update - August 15

Prices were down substantially earlier in the morning and the 2796 level was tested as I had been predicting. The main question now is whether the low today holds or 2796 will break for good. If this support fails to hold the selling them we should see significant selling in the near term. Now, whether this current correction is just a correction or the start of something bigger remains to be seen. Fundamentally speaking, there is still room for the market to go higher.

Short Term Trend = Bearish
Medium Term Trend = Bullish
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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