Wednesday, November 28, 2018

Elliott Wave Stock Market Update - November 28

The market posted one of the strongest bullish moves this year today and the close changes the Trend Average to bullish again given the strength of rally. The pattern could turn into cup and handle if the neckline forms in the next few days. I have to say today's move was unexpected given the bearish set up that had been working week for the past few weeks but now that the trend is bullish we should expect further upside until the rally exhaust itself. With that said, the death cross remains highly likely in the next few days and the long term trend will be turning bearish for the first time since 2016.

Short Term Trend = Bullish
Medium Term Trend = Bullish trend being challenged
Long Term Trend = Bullish trend being challenged

* 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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