Elliott Wave Stock Market Update - May 27

The market is breaking out of the IHS neckline and looks like we are going to see a continued rally. Absolutely insane if you think about it but that's what the market is doing as there are enough people out there buying stocks like it's 2019!! Prices will continue to make higher highs as long as the TA is bullish.

Short Term Trend = Bullish
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

Elliott Wave Stock Market Update - May 24

The market had a strong week by clearing resistance and positioning itself towards a challenge of the 200 DMA at 2999. Also, there is an IHS that points to a challenge of all-time highs if prices are able to break out. This current scenario would have been inconceivable just a few weeks ago given all facts of the economy and the virus but the market is behaving like there is nothing to worry about. I personally thought prices would be much lower now since we have close 100,000 deaths due to the virus, 20,000+ infections every single day, and record unemployment. But the market is either very smart or very delusional. This virus problem is not going away anytime soon and looking at what some states are doing, we are going to have a larger second wave which will double the sick and the dead, unfortunately. One doesn't have to be a scientist to see the current disjointed approach to the problem doesn't work, especially when you start politicizing a national health emergency. So I don't see a V shape recovery the market seemingly is trying to price in and I am just going to continue to save cash until I see real pessimism (or realism in this case) take hold. There is going to be a wave of major bankruptcies coming soon.

I hope everyone is having a safe holiday weekend!

Short Term Trend = Bullish
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

Elliott Wave Stock Market Update - May 21

I am back! Sorry for the long absence but its been once of the most chaotic couple of months in 20+ years for me. But now that I moved into a new warehouse, hired more people and previous workers came back, I can finally relax. I just need to figure out a way to delegate and automate as much of my work as possible as my main goal now is to spend less time working and more time enjoying. Anyway, the market has staged a very strong counter-rally since its lows in March. One would think we had found the cure and the vaccine for the coronavirus in the last few weeks but maybe it's just blind optimism driving this market. Technically speaking, prices have broken through key resistance and is now headed towards a test of the 200 DMA at 2999. However, we might see prices rally to as high as 3125 before the resumption of another strong sell-off. We are, after all, in May and like the old saying goes "Sell in May and go away"! So we might be witnessing one of the strongest sucker rallies in recent memory.

As I get more settled, I will be updating 2-3 times a week from now on so officially to the new normal.


Stay safe and healthy!!

Short Term Trend = Bullish
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

Elliott Wave Stock Market Update - May 10

The market was able to hold support at 2850 during its low point and closed the week rallying towards the 2950 level. I doubt prices will make it past resistance but we'll see. The re-opening of the country, while the virus continues to spread, is really a recipe for disaster but apparently, some people are pretty optimistic about it. At current rates, we will, unfortunately, see 300K deaths by November. I get the feeling a lot of people are in denial but it is what it is. I am taking preventive measures myself and I am expecting a second wave when fall comes.


Stay safe and healthy!!

Short Term Trend = Bullish
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

Elliott Wave Stock Market Update - May 2

The market started the week in a bullish note and rallied towards resistance at 2950 as expected. However, sellers appeared at that level and drove prices down for the rest of the week leaving a topping pattern in place. If prices continue to weaken, the Trend Average will turn bearish and we will see substantial selling ahead. If selling momentum continues next week, watch for 2727 as support for a bounce that will create a possible Head and Shoulder formation.

Stay safe and healthy!!

Short Term Trend = Bullish 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