Friday, November 2, 2018

Elliott Wave Stock Market Update - November 2

The market closed the week in positive territory and came within points if testing the 200 DMA, which was the target for this bounce. What happens in the next few sessions could give us a clue for the remainder of this year. If prices fail to recapture the 200 DMA at 2764 then we will see renewed selling and see the low of the year (2532) tested in the next few weeks. If prices are able to start trading above 2764 then there is still a chance for a year end rally despite all the recent volatility. The trade talks with China could serve as a catalyst for a big move. Considering elections are just a few days away, Trump could be more flexible than usual in announcing some sort of deal with China.

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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