Friday, November 9, 2018

Elliott Wave Stock Market Update - November 9

Prices continued its pull back today but still remains within W4 parameters so we should see a rally wave to a higher high early next week if the count posted is correct. One factor that has gotten attention lately is oil. It has dropped 20% almost in a straight line since hitting a peak at $76 few weeks ago and it could be interpreted as a sign of slowing global oil demand and not an oil glut. If oil prices continue to drop we could see caution in equities as everyone knows a bear market is just a matter of time and it will happen sooner rather than later.

Have a great weekend!

Short Term Trend = Bullish
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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