Wednesday, October 2, 2019

Elliott Wave Stock Market Update - October 2

Support at 2948 failed to hold and prices fell into the 2800's as expected. The sell off today has an impulsive look to it so the 200 DMA at 2838 is likely to be tested and should that fail to hold the selling then prices will be likely headed towards a 10% correction. Hard to say if the market is just resetting itself or rolling over for a bear market  but as recession signs continue to show up and the Trump mess gets worse, we could finally get a bear market after all these years waiting!

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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

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