Wednesday, October 10, 2018

Elliott Wave Stock Market Update - October 10

I had been posting the bearish 1-2 count since late September and was almost invalidated last week but if there was any doubt about it, today's action confirms this count. I mentioned a possible test of the 200 DMA yesterday and today's close is just barely 20 point above it (2765) so we could see that test as soon as this week. I thought it was going to take more time for this test but selling today was strong and the strongest since March.

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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