Monday, October 7, 2019

Elliott Wave Stock Market Update - October 7

Prices tested the Trend Average again today but failed to close above it again. Assuming there isn't any surprise positive news, we should see prices head back down as soon as tomorrow. Whether this pullback will be part of a bearish W3 or a set up for a bottom will depend on how 2855 holds. If last week's low holds then we could see a strong rally back to 3000.

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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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