Friday, August 30, 2019

Elliott Wave Stock Market Update - August 30

The market closed the week on a positive note and the TA is now back to bullish again. The high made today challenged resistance at 2943 and should this level break then will see a rally towards ATH. However, given the pattern, another strong bearish leg down would make more sense. Also, given the fact that the markets first recuperated early in the week over a phone call from China that Trump made up, I don't see how the situation over trade has changed from the time of the sell-off to now. Tariffs are being implemented and a recession is getting closer.

Have a great holiday weekend!

Short Term Trend = Bullish
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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