Friday, October 11, 2019

Elliott Wave Stock Market Update - October 11

Prices managed to recapture the TA and the 50 DMA and this turns the TA back to bullish and eliminate the bearish set up I had been positing. The new pattern points to a possible breakout once 2993 is cleared and we could see an ATH as soon as next week. The rallying excuse is progress with China on a trade deal but I think it remains to be seen how much substance there is to the agreement. I think at this point Trump is desperate to get something going to claim something positive in light of all the negative news surrounding him and the talk about recession. I don't think China will be making any major concessions but we'll see how they will spin it.

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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