Friday, November 16, 2018

Elliott Wave Stock Market Update - November 16

The market rose to test the TA early in the morning before giving up some of its gains. The pattern points to a potential sell-off next week if today's high at 2746 holds any more upside. If prices rally past resistance then bulls will have some breathing room but for now the market has a bearish set up with substantial downside.

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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