Wednesday, April 1, 2020

Elliott Wave Stock Market Update - March 31

The market has traded within a range in the last few days and unless it is able to break out and rally towards 2855 soon then we might see substantial selling pressure. I am labeling this bounce a B or a W4 so I am expecting lower lows at some point. With the US having the most virus cases by far and now Trump saying keeping deaths at 100,000 thousand would be a "very good job", the really ugly numbers are coming out soon and I don't see how the current situation could hold prices at 2017 levels when everything was fine economically. I had been looking for a bear market for a long time but what is happening now is just terrible and I don't see this going away anytime soon.

Also, I am super short-staffed in my business so I don't have as much time to post. But I'll do my best.

Stay healthy and safe!

Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bearish
Long Term Trend = Bearish

* 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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