Monday, August 12, 2019

Elliott Wave Stock Market Update - August 12

The market closed substantially down today and it is make or break for the bulls at this point. If a strong selling wave comes soon then this is a nested bearish 1-2 that would leave 3027 as the likely high for the year. But if 2822 is able to hold the selling then we have a bottoming pattern in place and prices will likely reach a new high soon. Personally, I've been out of the market for months and not doing anything until there is more clarity. You have bond yields pointing to a recession and a very likely "no deal" with China this year.  This sets up the perfect background for a recession in 2020.

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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