Monday, August 19, 2019

Elliott Wave Stock Market Update - August 19

The market has continued to bounce and managed to close above the TA today. The coming correction will be the make or break for the uptrend that started in late May. If prices are able to hold above 2822 then we officially have a bottom and prices could rise to new ATH. But if support is broken then the high for the year is already in. I might trade this coming correction if I see a good entry point.

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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