Monday, August 5, 2019

Elliott Wave Stock Market Update - August 5

The count pointed to lower lows this week but the market looks like is headed substantially lower. I guess bears should thank stable genius for this correction and the likely recession that is coming soon (if the trade issue isn't resolved ASAP). I mentioned last week China was not just going to give into Trump's demands and with his brilliant move of raising tariffs while negotiating (against his advisers wishes), he has managed to destroy whatever good will there was. China doesn't care because they are in the position of strength. They will soon have the largest economy and have the largest consumer market, they have little incentive to accommodate demands by a man-child.

Expect prices to go below the 200 DMA (2790) this week.

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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