Monday, February 24, 2020

Elliott Wave Stock Market Update - February 24

Bears have finally come out of hibernation! I had been anticipating a top and a stronger correction but  this is a lot better than I had been expecting. The sell off today was the strongest one in 2 years and bottomed at support created during last month's correction. This means, all gains from the last month have been completely erased and sets the market for a potential head and shoulders formation that will lead to a multi-month correction. Obviously, it's early to talk about a bear market but it is about time we had one. I am not sure the corona virus would be able to send the US into a recession but Bernie Sanders gaining tracking would. I am very pro-business and pro-low tax but I don't like Trump as a person. So I am ready to accept Sander's presidency and a big recession. In a way, it's a win-win in my situation as a recession would allow me to deploy all the cash I have been saving in the last couple of years. At the same time, should Trump win again, I'll just keep saving money from a good economy. I will vote for Joe or Bloomberg but their candidacies are not looking very strong at the moment.

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

1 comment:

  1. Look at the way my pal Wesley Virgin's report launches with this SHOCKING and controversial VIDEO.

    As a matter of fact, Wesley was in the military-and soon after leaving-he unveiled hidden, "self mind control" tactics that the government and others used to get anything they want.

    As it turns out, these are the same secrets lots of celebrities (notably those who "became famous out of nothing") and elite business people used to become rich and successful.

    You probably know that you use only 10% of your brain.

    Really, that's because most of your brain's power is UNCONSCIOUS.

    Perhaps this expression has even occurred INSIDE OF YOUR very own head... as it did in my good friend Wesley Virgin's head about seven years back, while riding a non-registered, garbage bucket of a car without a license and $3.20 on his banking card.

    "I'm very fed up with going through life paycheck to paycheck! When will I finally make it?"

    You've been a part of those those types of thoughts, am I right?

    Your success story is waiting to be written. You just have to take a leap of faith in YOURSELF.

    Take Action Now!