Friday, August 9, 2019

Elliott Wave Stock Market Update - August 9

The market managed to close the week slightly negative despite dipping to low 2800's earlier in the week. I was expecting a 5th leg to go below 2800 but the count did no materialize. Instead, we have a possible nested bearish 1-2 or a possible bottom at 2822 if a correction fails to break support. It's still too early to call for a bigger correction but the economic background is not looking as good as it did a few months ago. Calls for lower interest rates are a signal the government is getting worried.

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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