Monday, October 29, 2018

Elliott Wave Stock Market Update - October 29

Prices dropped to a lower low today at 2603 and unless the market develops a diamond bottom pattern in the next couple days, the sell-off will continue if not intensify. The market is officially in the negative for the year and has the potential of erasing much if not all of 2017 gains if the current wave ends up being a nested bearish W3. Rising interest rates and the impending impact of trade tariffs on prices are good fundamental reasons for the market for the correction to go much lower.

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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