Wednesday, May 29, 2019

Elliott Wave Stock Market Update - May 29

The market broke support at 2801 and I think this makes the top official. I expect prices to lose the 200 DMA at 2776 and possibly turn the long term trend bearish in the next few weeks. The yield curve inversion, trade conflicts and summer are all reasons to stay away from equities. I sold everything today and will buy back the position eventually but for now I am mainly cash in my trading account. We'll see if a trump bear market will finally materialize!

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

No comments:

Post a Comment