Thursday, May 16, 2019

Elliott Wave Stock Market Update - May 16

The market was able to close above the TA for the first time in couple of weeks and now that there is a bottom pattern in place we could see a rally attempt in the next few sessions. I will be covering my short from couple of weeks if the TA turns bullish or if I see key support holding. In fact, I might even add to longs using support as stops given the risk/reward.

Short Term Trend = Bearish
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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