Friday, May 24, 2019

Elliott Wave Stock Market Update - May 24

The market closed the week in a down note and the IHS pattern I had been following has turned into something else. The fact that the low from the sell-off yesterday was higher than 2801 is actually a good sign for bulls. But trade below the TA places selling pressure on the market and we could see support break next week. If prices manage to respect 2801 and 2804 then we might see another rally attempt. I am holding to my positions but will have to hedge the position if prices fall below support.

Have a great long weekend!

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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