Monday, December 9, 2019

Elliott Wave Stock Market Update - December 9

I am back from the UK and had productive trip out there. Always good to get away once in a while :) Anyway, the market went into a correction as expected and whether or not an Inverse Head and Shoulders pattern forms is the big question. A right shoulder with the bottom at today's low or at 3103 would almost guarantee new all-time highs in the next week or two. For the bearish side is to get any traction we would have to see prices selloff and breach the low at 3070 which at this time seems like a tall order. This, despite the impeachment and all the Crazy stuff Trump comes up with. If it came from a regular politician, it'd be insulting. But since it's Trump, it's to be expected and just funny. But more power to him for keeping his base enthusiactic. He literally could shoot someone on 5th Ave in NY and get away with it.

Short Term Trend = Bullish
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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