Thursday, May 2, 2019

Elliott Wave Stock Market Update - May 2

The market made lower lows today and has turned its TA bearish. While the uptrend that started at 2891 still has a chance of resuming in the next few days, the TA is pointing to a breach of this pivot if 2926 is not recaptured. I shorted an amount equal to my long position (mostly for tax efficiency) and will keep it for as long as the TA remains bearish.

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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