Tuesday, May 7, 2019

Elliott Wave Stock Market Update - May 7

The market sold off today and support was easily broken so I am assuming the all-time high at 2954 is a top unless the market is able to recapture the TA again. The volatility started yesterday but the bearish pattern was actually in place last week when the TA went bearish so not sure if what we are seeing now is pure coincidence or the market destiny playing itself out! Lol. Whatever the case, I am keeping my short position until I see a bottom pattern or the TA turn bullish.

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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