Thursday, October 25, 2018

Elliott Wave Stock Market Update - October 24

It got ugly today for the market and now the 5th wave on the chart could turn into a W3 if a significant bounce fails to materialize pronto. All gains for the year are now gone and prices could move fast into bear market territory unless the TA can be recaptured. For now is better to stay clear or at least get in when there is a clear bottoming pattern (If you are going long).

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

No comments:

Post a Comment