Saturday, August 22, 2020

Elliott Wave Stock Market Update - August 22nd

The market closed the week at a new all-time high as expected and if TA remains bullish, we will see new records this coming week. I think we are getting closer to a top but whether the drop happens this month, next, or even October remains to be seen. I am back to all cash on my US position and waiting for this big drop so I hope I am right on this one. Tops are notoriously hard to predict (relative to bottoms) but I am going by technicals as well as the fundamentals for the economy. So far, the recession has not been priced in at all. If anything, one would think we are having a 2% GDP growth this year.. crazy.

Short Term Trendd = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish

For detailed wave analysis visit

* Trends are not trading signals. Trends are posted for situational awareness only and do 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 into consideration other factors

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