Friday, August 16, 2019

Elliott Wave Stock Market Update - August 16

The market closed the week in red again but managed to rally back somewhat in the last couple of sessions after succesfully testing the 2822 low. The successful test of support creates a potential bottoming pattern that would be confirmed if the TA turns bullish next week. I assume, if the TA turns bullish, that many will be using the rally to sell at resistance and or even go short. Resistance lies at 2944.

Have a great weekend!

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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