Elliott Wave Stock Market Update - September 30

The market bounced back today to test the TA and if prices don't recapture it we should see the market head down again to possibly lower lows. The 50 DMA at 2948 is a must hold level for the bullish side as losing this support would likely send prices in the 2800's. With the Trump mess dominating the news, the excuse is there for the market to go into a bigger correction.

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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

Elliott Wave Stock Market Update - September 27

You guys know I don't ask for donations for the blog and I do this strictly as a hobby. But if you are able to donate for a good cause, please go to the link below to contribute to the Boy Scouts of America. It's my son's store :)

https://www.trails-end.com/store/scout/TQGE3456


The market made a lower low today testing its 50 DMA at 2948 before bouncing back a bit towards the end of the session. Right now, the 50 DMA is an important level everyone is watching. If we see further selling that closes below this moving average then we should see prices go down to 2800's fairly soon. However, if the low made today manages to hold further selling then we might see the market attempt to reverse its bearish bias. There are more reasons to sell now than to buy but who knows. Maybe a China "trade deal' will be announced soon and that will help the market. On the other hand, I don't see Trump digging himself out of his latest mess. If he is not held accountable, what prevents politicians from soliciting favors from China, Russia, Israel, Saudi Arabia, etc. to help their campaigns? Not only will they be owing favors to their corporate donors but to foreign governments too. You don't have to be political to understand why this was a big lapse of judgement by the genius.

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

Elliott Wave Stock Market Update - September 24

The top at 3021 was confirmed today with 2978 support breaking as I had been expecting. And given the reason for selling is the potential impeachment of the genius, we could be in for a long correction as this process takes time and only adds to the political chaos already in place. You would think Trump would be a little bit smarter than try to extort a foreign government for political dirt on an opponent. But then again, it is Trump who manages to outdo himself every time.

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

Elliott Wave Stock Market Update - September 23

The market closed the day flat but this has turned the TA bearish and implies the high made last Thursday at 3021 is a top. A break of support at 2978 would confirm a deeper correction ahead. What degree of a correction it will be remains to be seen but it seems almost every time we get a bigger correction the bulls come right back.

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

Elliott Wave Stock Market Update - September 20

The market basically traded sideways this whole week but managed to come close to all-time highs on Thursday before giving up gains. Technically speaking, that high on Thursday would satisfy the count posted but I'll assume there will be more upside next week before ending the 5 count. If prices fall below 2978 then there should be a stronger pullback with 2921 as the end of the 5th wave.

Have a great weekend!

Short Term Trend = Bullish trend being challenged
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

Elliott Wave Stock Market Update - September 16

The market went into a minor correction today despite a somewhat major event over the weekend (Saudi Arabia's daily production getting blown in half) so the count continues to point to more upside after this correction is over. The only way this count or pattern would be invalidated is if support at 2957 is breached during a continued pullback.

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

Elliott Wave Stock Market Update - September 11

I remember 09/11/01 like it was yesterday. It's a sad day for America and I hope this date never fades in our memories so this never happens again.

Now, on the market, prices have continued higher as expected after the initial stages of the break out mentioned on my last post. A challenge to all-time highs on this bullish leg is possible as soon as this week so we'll see if the market can get there by Friday. I ended buying the breakout for a short term trade on my margin. Couldn't resist the set up!

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

Elliott Wave Stock Market Update - September 9

The market ended the day flat but it looks like part of a sideways correction that should lead to another leg up as soon as tomorrow. In fact, we might even see a new ATH on this move unless there's some sort of negative surprise or some odd tweet by Trump.

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

Elliott Wave Stock Market Update - September 6

The market broke out as expected and trade over 3000 looks likely as soon as next week. Market is in a "good mood" but I don't think there is anything supporting it other than optimism at this point. So higher prices are likely but they will be reversed at some point.

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

Elliott Wave Stock Market Update - September 4

The market started the week in a negative note but today's bullish action and close creates a bottoming pattern that could lead to a break out as soon as tomorrow. As long as recent lows are respected, we could see prices rally towards new ATH in the short term. The China trade talks are back on track but again I doubt they will yield any substantial results.

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