Saturday, June 20, 2020

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

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