Monday, February 3, 2020

Elliott Wave Stock Market Update - February 3

Prices rebounded today somewhat but the potential for renewed selling remains considering the TA was not even tested in today's counter-rally. Given the potential for the coronavirus situation to drag on until at least March, there is plenty of time for a continued sell-off in the weeks ahead. One thing that is starting to grab my attention is the strong selling in China. If it goes lower, I might end up buying some shares as they might go in full panic mode over there.

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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