Thursday, February 6, 2020

Elliott Wave Stock Market Update - February 6

The market was able to reverse its bearish trend and turn very bullish in a matter of few days. I was expecting a bounce from last week's sell-off but not this panic rally taking place. It seems as if the cure for the coronavirus was found! It can't be Trump being acquitted as nobody ever expected him to be convicted in the Senate so I guess the market was just taking a quick break before going crazy again.

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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