Tuesday, October 16, 2018

Elliott Wave Stock Market Update - October 16

I was expecting the market to head down today but I was wrong as prices rallied much higher. Technically, the bearish count is still viable but it would also mean the 5-count was completed at last week's low. Either way, prices remain under the TA and until that changes,  rallies should be considered corrections of a bearish trend proven otherwise.

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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