Tuesday, October 6, 2020

Elliott Wave Stock Market Update - October 6th


It seems like 7 months since last week's Trump-Biden debate instead of 7 days but we are now getting closer to election time and to possibly a significant top for the market. Prices have rallied quite a bit as expected since the 3209 low held up last week but we could see headwinds between now and the outcome of the elections. Surging corona virus cases, the contamination of the White House (and now the Pentagon) and even the clown himself hasn't done much damage to the market. But I continue to assume some election drama, like Trump's refusal to leave the WH could cause the market to collapse. We'll find out in the next few weeks. For now, the TA is bullish despite the sell-off today so I will assume higher highs and maybe even an ATH challenge as long as the TA remains bullish.

Short Term Trend = Bearish

Medium Term Trend = Bullish

Long Term Trend = Bullish

For detailed wave analysis visit http://ewaveanalytics.com

* 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

No comments:

Post a Comment