Thursday, May 21, 2020

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

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