Tuesday, October 8, 2019

Elliott Wave Stock Market Update - October 8

Prices dropped substantially as expected but I think the next session or two will tell us if the nested bearish count is correct. If prices drop strongly and last week's low is taken out then we could see a 10% correction in the next few weeks. I think a mix of China trade news and now Trump's refusal to cooperate has the potential to create chaos in the next few weeks. China's trade delegation is already here and I don't see them giving up any concessions. Maybe some dirt on Biden will help!

Again, thank you very much for helping out with the Boys Scout's fundraiser. I am trying to get my son excited about selling stuff. Not a whole lot of traction there yet but is good to expose kids to money and commerce early on so they can learn to appreciate it.

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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