Thursday, May 9, 2019

Elliott Wave Stock Market Update - May 9

The market made lower lows yesterday and now risks losing the 50 DMA. Traders are all focusing on the trade tariffs and it's impossible to tell at the moment if the bearish move this week has been just another correction or the beginning of a much bigger sell off. Personally, I think China and Trump are just negotiating as usual. China apparently interpreted Trump's call for a reduction of interest rates recently as a sign of weakness and they are playing on that. They are testing Trump.

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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