Saturday, October 6, 2018

Elliott Wave Stock Market Update - October 5

The market broke key support at 2886 and ended testing the 50 DMA before bouncing somewhat towards the end of the session. This breach of support and close below the TA turns the trend bearish and now opens the doors for a bigger correction. One could argue for the end of an intermediate 5th wave at 2940 and if that count is correct then we will see a correction for several weeks.

Short Term Trend = Bearish
Medium Term Trend = Bullish
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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