Monday, October 12, 2020

Elliott Wave Stock Market Update - October 12th


The market has continued to make higher highs as expected and I think an ATH is in the cards this or next week as long as the Trend Average remains bullish. I wouldn't be surprised if prices go much higher if a viable coronavirus vaccine is announced before the elections. Whatever the case, I think the event that will be the excuse for a massive selloff will be the outcome of the elections. The Trump campaign is showing signs of desperation and the clown himself will refuse to acknowledge a loss. I think anyone who has been paying attention to what this man has done or said in the last 4 years would bet this is the most likely scenario and this will be uncharted territory for this country. Also, I wanted to add that USPS delays are a big problem and I wonder how this will factor into the result for the elections. I can tell you for a fact, that 20% of USPS First Class and Priority mail is getting lost or delayed for several weeks (normally, it takes 2-3 business days). I am not sure if this is particular to my region (California) or if it's nationwide. I send several thousand packages per month and the 20% loss/extremely late rate for the last few weeks doesn't seem to be getting better. So, unless ballots are given special handling (as they should), I don't see how we're going to have accurate results on Nov 3rd. The next few weeks are going to be interesting.

Short Term Trend = Bearish

Medium Term Trend = Bullish

Long Term Trend = Bullish

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* 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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