Wednesday, August 14, 2019

Elliott Wave Stock Market Update - August 14

The market had an ugly day today with prices down almost -3%. The bond yield curve sent panic through the markets but this should not have really come as a surprise as I mentioned this on the last update. And as I said on my last post, if support at 2822 fails then it will point to a likely nested bearish 1-2 with a lot more selling to come. Stable genius wants to meet with China's Xi and I am sure he is trying to do whatever he can to save face and come up with a "deal". Maybe there is some sort of agreement but I highly doubt China will make concessions, if anything, they will be backtrack even more now that it is obvious they have the stronger hand. They know Trump will soon be in panic mode and will do anything to dig himself out of the hole he made himself.

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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