Friday, February 21, 2020

Elliott Wave Stock Market Update - February 21

The market ended up reaching a new all-time high again this week before going into an anticipated stronger correction. How "strong" the pullback is depends on how 3317 holds. If prices fall below 3317, then there is a higher chance we are in the beginning of a multi-week correction. Whatever the case, the long term trend is bullish and until we see signs of a slowing economy or a recession, the bull market will continue.

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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