Wednesday, May 1, 2019

Elliott Wave Stock Market Update - May 1

The market made another all-time today before giving up all gains in the last hour after the Fed announcement. The uptrend technically remains in place but unless the bearish closing pattern from today is not reversed, we could see a change in trend in the next few days. The market has rallied without much of a break since March and now that we are in May and with new ATH, maybe it is time to start taking profits.

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