Monday, December 3, 2018

Elliott Wave Stock Market Update - December 3

The market has made a higher high and has closed comfortably above the 200 DMA after the weekend trade war truce announcement. If prices are able to use 2760 as support then the death cross will be avoided and arguably the bulls will have a chance at a Christmas rally. However, given the fact that the tariffs remain in place and interest rates are going higher, the inevitable will happen sooner or later.

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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