Sunday, May 10, 2020

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

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