Wednesday, November 14, 2018

Elliott Wave Stock Market Update - November 14

The market has made a lower low and most importantly, broke support at 2700 and is now bearish biased again. Also, looking at where the 50 DMA and 200 DMA are, it is highly likely a death crossover will happen in the next week or two unless bulls are able to pull a miracle and recapture the 200 DMA at 2760. If Trump is able to agree on something with China then maybe we might see a year-end really but given the fact that China is not flexible, bad news on tariffs could be used as the catalyst to send prices 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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