Monday, May 20, 2019

Elliott Wave Stock Market Update - May 20

The market closed down again today and below the TA so the bias continues to be bearish. However, I also see the right shoulder of the Inverted Head and Shoulders forming nicely so if support at that level holds then we will probably see a change in trend to the bullish side fairly soon. I might liquidate my shorts tomorrow depending 2825-2831 holds and might even go long given the risk/reward scenario.

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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