Saturday, June 27, 2020

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

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