Friday, October 12, 2018

Elliott Wave Stock Market Update - October 12

Prices counter-rallied today after very strong selling in the last couple of sessions. The count calls for another lower low or at least a test of the 2710 low made yesterday so we will see next week if there will be a tradable bottom in place. I have seen a long term count that calls for one last very bullish leg to new ATH but the market could well go into a bear market now given the fact that prices have more than quadrupled from its 2009 low of 666 without a bear market. Fundamentally speaking, the economy is great right now but trade tariffs, higher interest rates and someone using twitter uncontrollably could bring everything down.

Have a great weekend!

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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