Friday, October 4, 2019

Elliott Wave Stock Market Update - October 4

The market had a strong close for the week after going to lower lows after the last update and almost testing the 200 DMA at 2841. Despite the rally today, the TA is barely getting tested so the trend remains bearish and we could see prices head back down next week. If prices are able to start closing above the TA to recapture it then that will be a signal 2855 is an important bottom. And again, the whole Trump drama and the weak economic readings are perfect excuses to send prices further down.

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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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