Tuesday, November 27, 2018

Elliott Wave Stock Market Update - November 27

The market climbed a bit higher today but again, the close is under the TA and the set up favors downside in the next few sessions. It will take a miracle to reverse the damage and the only thing I can think of would be a resolution to the trade war with China. Personally, I think more tariffs are coming plus a recession in the next year or two so I doubt the trade issue will be resolved at all. You can't force others to buy more from you if you don't have anything they want to buy. The only thing you can do is import less, which is what tariffs can do. In the end, the winners will be the ones that have been patiently waiting for a bear market for all these years.

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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