Wednesday, May 22, 2019

Elliott Wave Stock Market Update - May 22

The market closed slightly down today but remains above the TA and another bullish day would turn the TA bullish. I think the whole trade war issue is the perfect excuse for a summer correction and even if we get another bullish run I doubt it can go much higher given the economic backdrop and seasonality. Still, I closed my shorts yesterday and added to longs with the stops at support. Maybe we'll see another attempt at new highs that will fall short?

Short Term Trend = Bearish 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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