Thursday, October 11, 2018

Elliott Wave Stock Market Update - October 11

The market continued its sell-off today as expected but the W3 could have ended at 2710. So we could see a bounce in the short-term and then another lower low to finish the count. The selling has been intense and at this pace the market could turn negative for the year. The next significant support level is at 2676 and 2594.

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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