Monday, June 10, 2019

Elliott Wave Stock Market Update - June 10

Last week I mentioned the market was about to either make a strong counter-rally or accelerate the sell-off going by the wave pattern. Since then, prices have staged a very strong rally that could even reach all-time highs. So, if the zig zag pattern proves correct, then we should see a top in the next few days just short of ATH or a new high that sends prices collapsing suddenly. The only way, the current rally would prove sustainable is if the correction makes a series of higher lows during pullbacks. I am completely out of the market and not planning to jump in anytime soon. The Feds willingness to cut rates is actually a bearish sign and so is the inverted yield curve so we'll see how this ends up evolving in the next few weeks.

Short Term Trend = Bullish
Medium Term Trend = Bullish trend being challenged
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