Elliott Wave Stock Market Update - June 27

The market has failed to get past resistance after an initially bullish open earlier this week and ended closing down -2.96%. I assume prices are going to test 2965 this coming week and if that level fails to hold then Adios! I've been saying for weeks if not months that the market has been disconnected from reality and perhaps some selling will reflect the record cases of the coronavirus in our country. The sad thing is that this is just barely getting started, this is like the 3rd inning and it seems a lot of people are still deluded into thinking we are going to be in a V shape recovery. The economies of red states with clown-like governors are going to pay the highest price, unfortunately. I have a cash war chest ready to buy of a panic sell-off like the one we saw in March. Now that the markers (support levels) are there, it's a little easier to take bigger risks. On another interesting, GREAT personal note. My birthday is coming up and today I logged on into a PayPal like account I use for receiving payments after a Russian programmer was asking me to use that service since PayPal is restricted in Russia. All along, I was thinking this service was directly depositing money to my bank account every time payments were sent there from buyers but NO. I logged in and discovered I had $111K sitting there!! lol. I thought it was maybe in another currency but it was all USD so I guess this was my birthday present!! Discovering money I didn't know I had. How this was able to accumulate to that level, I don't know but I am pretty happy now :)

Have a great (and safe) weekend!

Short Term Trend = Bearish
Medium Term Trend = Bullish

Long Term Trend = Bearish

Elliott Wave Stock Market Update - June 20

The market started the week with a lower low before going into a counter-rally that recouped some of its losses from last week's sell-off. Still, if prices fail to turn the TA bullish this coming week then we should see more selling ahead that will test the low made on Monday at 2965. Going by pattern alone, I do see a potential for an Inverse Head and Shoulder's if the market breaks resistance at 3155 so we will have to see which side has more conviction. Whatever the case, I continue to expect a sell-off related to the pandemic and the economy. These last few weeks could be all just a head-fake and all these people infected just sets the country up for a massive virus resurgence in the fall which obviously will make sure the recession continues. Right now, I don't think most people realize we are in a recession due to the massive stimulus but when that runs out then what? Also, a massive gathering of corona-breathing Trumpers in Oklahoma today will be like lighting a fire in a barn. I don't think anyone deserves to be sick but when they ignore the CDC guidelines and instead listen to a person who claims drinking Lysol might help then they'll just asking for it. Not to mention, they are required to sign a waiver to free the Trump campaign of any responsibility should they get sick or worst yet die. Have we ever seen a President this irresponsible? I think not and I hope Trump will be like the corona virus, a once in a 100 year event!

Have a great and safe weekend!

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

Long Term Trend = Bearish

Elliott Wave Stock Market Update - June 13

The market started the week on a bullish note by reaching a high of 3233 before going into a correction and then a sell-off towards the end of the week. This abrupt move seems to have put an end to the counter-rally that started in March and we could see more selling this coming week if prices fail to maintain the low made on Thursday at 2984. I thought prices were going to challenge ATH since the NASDAQ made a new ATH but as of now, it doesn't seem like it will as long as the TA is bearish. The next key levels of support are 2950, 2850, and 2766.

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

Long Term Trend = Bearish

Elliott Wave Stock Market Update - June 6

The market was able to break out of the IHS pattern and clear the last significant resistance at 3127. Which positions the market to challenge all-time highs and possibly even make new highs before a significant pullback. Completely crazy but that's what the market wants to do. Not sure how the coming peak or coronavirus will be handled but my suspicion is we might be in some sort of longer-term sideways correction that will take months or possibly years. How the market behaves when it reaches ATH should give us a better idea.

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